This is a sponsored article in partnership with TSB...
Fraudsters are getting more and more sophisticated in their attempts to extract your personal details and money. This means that as soon as you get used to one type of fraud, another appears quickly in its place.
They succeed not only because they often look just like the real thing, but because they catch you off guard when you’re least expecting it. And your age, profession and income don’t do much to safeguard you, as fraudsters target everyone.
With this in mind, VT spoke to Paul Davis, the Director of Fraud at TSB, about how to better protect ourselves from being the victim of these sorts of crimes.
What are some of the red flags to look out for?
Don’t rely on where the message appears to come from
As Davis explains, the techniques used by fraudsters are really advanced, and it can sometimes be tricky to tell if a message is genuine or not. “I think that the one thing consumers can’t rely on is where the message appears to come from, as those parts of the message can easily be changed by them,” he says.
“It’s much better to think about what the message is asking you to do, rather than what it says. So, if it says “TSB Bank” at the top, for example, that doesn’t necessarily mean that that company has sent the message.”
If the message contains hyperlinks
If the message contains hyperlinks, Davis says that it’s most likely fraud. The same goes if it’s also asking you to provide your banking card details, passwords, or personal information, such as your date of birth, as providers would not ask for such information over a message.
“Alternatively, if the message just asked you to respond with a yes or a no, then it’s probably genuine.”
Their only payment method is via bank transfer
If you’re shopping online, Davis recommends always using your bank card. “It’s the safest way to pay if something goes wrong, as you’ll get great protection,” he says. “It’s also a good sign that you’re dealing with a genuine merchant.
“If you find yourself looking to buy something online, and the only thing the seller accepts is bank transfer, I would go so far as to say that it’s probably fraud,” he adds.
Messages that arrive out of the blue
Another thing to look out for are messages that arrive out of the blue, when you’re not expecting them, or when you’re not doing any banking or spending. “Always question the authenticity of someone who contacts you randomly,” Davis advises.
“If someone rings or texts you saying they’re from your bank, don’t believe them. You should end the call or ignore the text, and contact the company using genuine details, for example from your statement, or by looking at their website using an internet search engine.”
Fraud can be very sophisticated
As Davis stresses again, fraud is constantly evolving, and becoming more complex. As such, they’re often carried out through different steps, which allows fraudsters to build up schemes over time.
“This reflects the fact that we’re all getting better at spotting fraud, so nowadays, they’re often not going to ring you up, and pretend to be from your bank because you’ll probably spot that,” he explains.
“So, what they’re starting to do is send spoof messages to gain information. The first message might pretend to come from Royal Mail, saying that they have a package for you that couldn’t be delivered or had the wrong postage. They will then get you to type in your card details.
“Nothing will happen right away, but they will call you a few days later regarding the information you gave them previously. Fraudsters can do a pretty good job sounding like they’re actually from your bank, because they’ll know things like your card number, and you may not put two and two together.
“So, even though something looks innocuous, it might still be part of a bigger fraud.”
Golden rules to avoid becoming a victim of fraud
While it may seem like fraud is everywhere, Davis walks us through three golden rules to help you avoid being a victim of fraud — so you can shop and go about your daily life in confidence...
Take your time
“The one golden rule is to take your time,” Davis advises. “Fraud prevention advice can be pretty complicated, and everyone has their own top tips, but the one thing all fraud prevention has in common is to slow down.”
“If you take your time when you’re banking and moving money, you won’t fall for the thing that fraudsters want. They’re working to create a sense of urgency in your mind, a kind of rush and hot emotional state, which often leads to doing things that you’ll later regret,” he continues.
“As consumers, anything you can do to get out of that state is good. So take your time, talk to your bank, your friends, or even make a cup of tea before you make a final decision.”
Remember that anyone can be a victim of fraud
Davis points out that there’s a belief that fraudsters only target the elderly, but, in reality, younger people are more likely to fall victim to lower-value online purchase fraud.
They target different age groups with different types of fraud, so it’s advisable to be aware of the ones that are most likely to impact your demographic.
Older people tend to be targeted with fraud that involves substantially more money, including investment fraud. Older people are also more likely to be targeted for impersonation fraud, which involves someone who is posing to be from their bank or a mail company, such as DHL.
Understand the level of protection you have with your bank
“People need to remember that these are really serious crimes,” Davis stresses. “They’re often thought as being less impactful, but that’s not true.
“Amongst the cases we see at TSB, being a victim of fraud can have a profound impact on your physical and mental health, as well as your confidence when it comes to purchasing items or using online banking.
“It can take victims a long time to recover, and it goes much further than just getting a physical refund. So, at TSB we offer a Fraud Refund Guarantee, which will reimburse innocent victims, but that’s just one aspect of the crime.
“The key thing here is preventing fraud from happening in the first place.”
TSB offers a Fraud Refund Guarantee, which is valid from 14/04/2019.No refund if customers are involved in committing the fraud or ignore specific account safety advice. Guarantee limited to £1 million per claim for authorised transactions. Purchase disputes are not covered by the Guarantee. Other conditions apply.
