Criminals are always looking for new ways to try to steal your details and money.
Find out more for the latest type of scams that are common right now, how they work and what you need to know to avoid them.
Purchase Scam
In a purchase scam, the victim pays in advance for goods or services that are never received, usually ordered on an online platform such as an auction website or social media. Many online platforms offer secure payment options, but fraudsters convince the victim to pay via a bank transfer instead.
Common scams include a criminal posing as the seller of a car or a technology product, such as a phone or computer, which they advertise at a low price to attract buyers. Criminals also advertise items such as fake holiday rentals and concert tickets.
Stop and think:
- If the offer is too good to be true, it probably is
- What you see could be fake. Fraudsters may even pay to advertise their fake websites and put up fake customer reviews
- Beware of pushy seller who urges you to complete the purchase
Protect yourself from purchase scam:
- Only shop with reputable online retailer with secure payment options
- Conduct research about the company/products on the Internet
- Ask the seller to provide more details and photos of the products
Investment Scam
In an investment scam, fraudsters convince their victim to move their money to a fictitious fund or to pay for a fake investment. The fraudsters will usually promise a high return to entice their victim into making the transfer. These scams include investment in items such as gold, property, carbon credits, cryptocurrencies, land banks and wine.
The criminals behind investment scams often use cold calling to target their victim and pressurise them to act quickly by claiming the opportunity is time limited. Adverts on social media usually offering unrealistic returns, and letters are also used heavily in investment scams.
Stop and think:
- If the investment return is too good to be true, it probably is
- Most professional investment advisors will need to obtain regulatory licences to sell investment products. Does the person you have been talking to have a licence? (Check with the Financial Conduct Authority at https://register.fca.org.uk/s/)
Protect yourself from investment scam:
- Seek advice from licensed financial professionals
- Do not send any money if you are not sure
Impersonation Scam: Police/ Government Officials/ Bank Staff
In this scam, the criminal contacts the victim purporting to be from the government departments such as Home Office, UK Visas & Immigration (UKVI), HM Revenues & Customs (HMRC), police or the victim’s bank and convinces the victim to make a payment to an account they control. International students are common targets of this kind of scam.
These scams often begin with a phone call or text message, with the fraudster claiming there has been fraud on the victim’s account, and they need to transfer the money to a ‘safe account’ to protect their funds. Criminals may pose as the police and ask the individual to take part in an undercover operation to investigate ‘fraudulent’ activity at a branch, and threaten to deport them or cancel their visas if the victims do not comply.
The criminal will often research their victim first, including using information gathered from other scams and data breaches to make their approach sound genuine.
Stop and think:
- Genuine police and bank staff will never ask you to transfer money out of your bank account
- Fraudsters will threaten you with serious consequences they make up just to pressurise you to make immediate payment
- BEAUK will never ask you to disclose your bank account information, or move money to a safe account
Protect yourself from impersonation scam:
- Safeguard your personal information and be careful when sharing them on social media
- Always validate unsolicited communications claimed to be from government departments or banks, by calling their official hotline or visit their office
- Do not disclose your personal information or send any money if you are not sure
Incoming texts or emails could be a scam!
Some scams may take the form of an incoming text or email appearing to have been sent from a legitimate source, such as your bank. The sender may claim that your account has been compromised. They may ask you to click on a link to confirm your details. Alternatively, they will claim a certain person from the bank will contact you to change your account details. Such a message is a scam. You will risk divulging your personal information via the link and the follow-up call is made by the scammer posing as bank staff.
Fraud Related to Lost or Stolen Customer Identity and Account Information
To prevent fraud related to lost or stolen customer identity and account information, you should notify us immediately upon the loss and subsequent replacement of identity documents that were originally submitted for account opening, or if there is suspicion that statements or account details may have been compromised or stolen.
Fraud Prevention and Security Tips
If you ever receive an OTP (One-Time Password) message which you are not expecting, notify us immediately as it may be a sign of attempted fraud on your account. We will suspend online access to your bank account and carry out thorough investigation. If for any reason, you are unable to contact us, please log in to your UK Cyberbanking and change the PIN immediately.
Please remember:
- We will never send our customers texts saying their accounts are comprised, or that we need them to move their money.
- Our texts will never contain links to click.
- When in doubt, check with us before taking any action (Tel: +44 (0)20 7208 7090 Lines are open Monday to Friday, 9:00 am – 5:00 pm except bank holidays; email: info@hkbea.co.uk)
You can stay safe by following these fraud prevention methods:
- Never click on any link or open attachments in emails or texts that you were not expecting or from an unknown source. Even they may appear to be coming from someone you know, it’s always safer to give them a call and check.
- Go direct to the company’s websites, typing their web address into the search bar. This will prevent fraudsters from directing you to a website they have either created or taken over with the intention of defrauding people.
- If you receive an offer or deal that is too good to be true, chances are it is a scam!
- Check that it is genuine – call the sender on a trusted number, not one from a newly received email or invoice.
- Contact BEAUK if you suspect the request is fraudulent.
- Click with care – If you are unsure or suspicious, do not reply and do not click on a link or attachment.
- Look for spelling mistakes – Check for poor spelling or grammar.
- Take your time – Do not rush to reply. Scams use warnings, threats of fraud or problems with your account to get you to act quickly and without thinking and checking.
- Check before you pay – Confirm account details using a number you trust, not one from an email or invoice.
- Protect your card details and PIN numbers. Never give out complete passwords that you may have set up with institutions. You will only ever be asked for random characters from such passwords.
- Fraudsters can and do send out requests to you and try to request for a payment which looks to be from a legitimate organisation or person. You should always: CHECK, CHALLENGE, and REPORT!
- If you receive any unexpected request to change or update payment details for a regular supplier, it may be a warning sign of fraud. Always check directly with the supplier concerned.
Other Useful Information
Security Tips for UK Cyberbanking
Protecting Your Card
Beware of fake SMS messages and emails