They say that money makes the world go round. Unfortunately, this means that some people will go to criminal lengths to get their hands on yours! There was a significant increase in payment fraud in 2021, with criminals scamming £753.9 million from Brits before June. Therefore, it is important to stay alert for financial scams and understand exactly what risks are out there.
Here are four key financial scams you should be aware of in 2022.
1. Royal Mail text scams
If you’ve ever shopped online, you will know that it is normal for couriers to send text updates about your delivery. However, a rising number of online shoppers are being caught out by fake delivery text messages.
Royal Mail text scammers pose as the nationwide delivery service in order to trick shoppers out of their money. The scammers will typically send a text message to your phone. The message usually explains that there is an issue with your parcel delivery.
Under the message will be a link that you will be asked to follow. However, if you click on the link, you will be taken to a fake website run by scammers. It is then that you will be asked to make a payment, which will go straight into the pockets of the fraudsters.
Full details about this delivery scam can be found on Royal Mail’s website.
2. Get rich quick schemes
Employment troubles during the pandemic and rising rates of inflation have caused a nationwide need for more cash. It seems that fraudsters are using this to their advantage by tricking unknowing individuals with ‘get rich quick schemes’.
These schemes usually take the form of a course, business model or trading strategy that promises to make you huge amounts of money in a short amount of time. The scammers will encourage you to pay into these schemes, promising huge profits in the future. However, the schemes usually end up being too good to be true. As a result, victims end up giving large amounts of money to scammers without receiving any kind of return.
Get rich quick schemes can be found in a variety of areas. However, the cryptocurrency space is particularly crowded. In fact, crypto scams cost the UK £140 million last year!
3. NHS Covid pass scams
Covid passes are currently required to provide evidence of your vaccination status in the UK. Anyone with an NHS profile can get a covid pass for free through the NHS mobile app. Nevertheless, a large number of Brits have been caught out by scammers who request payment for the passes.
NHS covid pass scammers typically send a text or email message asking you to pay money in order to receive a pass. However, any money that is paid ends up in the pocket of a fraudster.
To stay on the safe side, it is best to only use the official NHS website for any Covid-related enquiries. As well as this, you can report any suspicious messages or emails to [email protected]
4. Payment diversion fraud
Payment diversion fraud (PDF) can affect both businesses and individuals. Typically, the fraudsters create fake email addresses and pose as people that you have recently made payments to or set up deals with. For example, the fraudsters may pose as your solicitor by creating an email address that is very similar to theirs.
Scammers will then request money from you, posing as people that you know and trust. PDF scams can be incredibly easy to fall victim to and have cost businesses around the UK millions! To be safe, always double-check email addresses and avoid making payments via online links.
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About the author
Ruby is a freelance writer who enjoys writing about all things personal finance. After embarking on her own side hustle journey three years ago, Ruby is passionate about helping others to learn about the ins and outs of persona… Read More
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