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Financial fraud rises: Protect your personal details

Published 14 October 2016 by

Figures revealed by Financial Fraud Action UK show an alarming increase of reported financial fraud. With a staggering 50% rise in the first half of 2016 compared to the same period last year, there’s a new national campaign to raise fraud awareness.

Banks and businesses are working hard to reduce the risks of consumers experiencing financial theft. Modern security measures and systems prevent 70% of UK attempted fraud from taking place.

Despite this, frauds slip through the net, because criminals are targeting individuals instead. These crimes cost the nation and consumers £755 million last year. Let's take a closer look at what the campaign is telling us.

“Take Five”

You may know some of the do’s and don’ts on safeguarding yourself from financial crime, yet in the heat of the moment it’s easy to get caught out by a phishing email, or vishing phone call. Take Five is a national campaign, led by Financial Fraud Action UK, to help consumers protect themselves.

It’s simple, impartial and common sense advice to help you know when to keep your personal details protected and it mirrors the advice thinkmoney provides you with.

Here are the “Take Five” tips:

1.  Never disclose security details, such as your PIN or full password

A genuine bank or alternative provider like thinkmoney will never ask for these via email, phone or in writing. Stop and think before you might give these details out. Pause and consider the questions being asked and why. If you’re not 100% sure who it is, don’t give them your personal or financial details.

2.  Don’t assume an email request or caller is genuine

If somebody calls and claim to know some of your basic details, it doesn’t automatically mean they’re genuine. Criminals will try and find ways to keep you on the phone, lure information out of you and scare you into revealing security details – it's known as vishing. If you’re unsure, take their details and do some common sense company checks online.

The same can be said for an email you receive out of the blue – here's how not to fall for phishing email scams.

3.  Don’t be rushed

Banks and organisations won’t hurry you or pressure you into giving out information, or force you to transfer money to them. If this occurs, stop, take time and consider your actions.

4.  Listen to your instincts

Instinct can often be right, so if you’re approached in the street while your guard is down, or out and about on your day to day routine, be mindful about what you’re being asked. They may appear trusting but fraudsters are not who they claim to be.

5.  Stay in control

Always be in control of a conversation, and don’t be bullied into giving out financial details.

You can get more detailed advice on the "Take Five" campaign here.

Remember, when you speak to us, we’ll only ever ask for the last 4 digits of your card. We also use other security questions for access to your account, such as a password set up by you and your date of birth. We provide this service to ensure security on your account.

Here at thinkmoney, we continue to work hard to improve the systems and processes we use to help keep your money safe. And we’ll continue to highlight ways criminals are targeting people, here in the blog, to help you be aware and alert to the last scams.

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