Posted: August 2020

Several UK bodies, including the Bank of England, National Crime Agency and the Financial Conduct Authority (FCA), have warned people to be particularly vigilant about scams, many of which are targeting vulnerable people, such as those who have lost their jobs or are under greater financial pressure in the current climate.

Recent figures * show that over five million people in the UK had fallen victim to, or knew someone who had been duped by a financial scam since the beginning of the virus outbreak.

The most common financial scams relate to banking, accounting for 60% of victims. A further 35% had been targeted by an insurance scam. Fraudsters have also been offering free pension reviews and one in five consumers reported having been targeted by a pension scam.

SCAMSMART

To check whether an investment or pension opportunity is legitimate, you can use the FCA

online scam checker, which can be found here: www.fca.org.uk/scamsmart

ADVICE FROM THE GOVERNMENT

Government advice for consumers to protect themselves from fraud includes checking the company’s credentials via a reliable source such as the FCA’s Financial Services Register, being wary of deals that sound too good to be true, not giving out personal details, not clicking on links from unknown senders and seeking professional financial advice before making any decisions. The official advice can be found here:

www.gov.uk/government/news/be-vigilantagainst-coronavirus-scams

GUIDANCE IN UNCERTAIN TIMES

We are more vulnerable and likely to fall victim to scams when anxious, stressed or suffering financial pressures, so if you are unsure about any financial opportunities that come your way, please contact us. Rest assured, we’re here to keep you and your finances safe during this period of uncertainty.

*Canada Life, 2020