Too good TO BE TRUE?

Woman & Home UK

October 2022

We all like to think we're savvy but fraudsters are more devious than ever, as finance expert Faith Archer reveals

What single woman wouldn't be tempted by the debonair asset manager who has poured his energy into work at the expense of his love life? Or the financial whiz who can help you maximize your pension savings? Forget those easily dispatched nuisance phone calls of yesteryear, today's scammers are in a new league, with sophisticated ways to con us.

Dating scams are on the rise £92 million was lost in the year up to October 2021, with reports recorded by the National Fraud Intelligence Bureau up by more than 25% on the previous year. The true figure is likely to be higher as many people don't report.

Fraud in general is on the increase. Three-quarters of UK adults say they have been approached by con artists this year - which is up 14% compared to the year before, according to Citizens Advice. That's an estimated 40 million-plus people since the start of 2022 who have been targeted by scammers, according to the charity.

Fraudsters are also exploiting people's worries about bills, such as claiming to be from the energy regulator Ofgem, and asking for bank details so they can get the £400 energy rebate.

Other scams include texts about deliveries (55%), criminals pretending to represent the Government or the tax office (41%), and 'get-rich-quick' schemes (29%). Then there are fraudulent texts, cold calls, and phishing emails, as well as fake ads, cloned websites, rogue traders and letters about lottery wins. Criminals then use sophisticated techniques to develop trust, which makes it harder to spot the fraud.

Dame Clare Moriarty from Citizens Advice says, 'Anyone can be targeted and, as the purse strings are tightened and financial pressures pile on, it is more important than ever that we recognize the red flags.