We’ve recently been made aware that some of our clients have been targeted by scammers pretending to be someone they know. Recognising the red flags could help you avoid falling victim and losing money.
According to the latest figures from UK Finance, fraudsters stole around £2,300 every minute of 2022 – scam victims collectively lost more than £1.2 billion.
You might think you’ll never fall for a scam, but fraudsters are using increasingly sophisticated tactics and technology to target victims. One that’s becoming more prevalent is known as the “friend in need” scam.
The scam often starts with a text or WhatsApp message claiming to be from a family member or friend. It might say “hello mum” or “hi dad” to attract your attention. The scammer will usually claim they are texting from a new number because their phone is lost or damaged.
Once they’ve established a conversation, the scammer will claim they need money urgently and ask you to send it to an account that’s unknown to you. They might claim it’s to cover rent and request you send it straight to their “landlord” or that you send it to a friend because they can’t access their online banking app.
It’s a tactic that preys on your kindness and desire to help loved ones.
Recently, Action Fraud warned that scammers aren’t only targeting individuals but community and religious WhatsApp groups too. In the first half of 2023, the organisation received more than 260 reports of scammers infiltrating groups and telling members they needed urgent financial help.
When you receive a message out of the blue, red flags may include:
- Being contacted by an unknown number
- Facing pressure through a sense of urgency
- The tone of the messages doesn’t sound right
- They request the money be sent to a third party.
If you’re unsure if a message you’ve received is a scam, take a step back. Sometimes a bit of space could help you identify the warning signs. You could also call the person claiming to contact you to check the details.
While you might be able to get your money back after a scam, it isn’t guaranteed. So, exercising caution is often prudent.
If you’ve been approached with a financial opportunity, such as accessing your pension or an investment, and you’re not sure if it’s a scam, we could help you assess if it’s genuine. Please contact us if you have any questions.
