Financial fraud happens ‘once every 15 seconds’: Five ways to stop scammers getting to you

SOMEONE gets conned by a financial scam in the UK once every 15 seconds, according to figures released today revealed.

In the first six month of this year there were over a one million cases of financial fraud, an increase of 53% compared to the same time last year, according to Financial Fraud Action.

Last year over £755million was lost through financial fraud - an increase of 26% on the previous year.

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Banks will often refund the cash if you do fall prey to a scammer, but many people are often too embarrassed to admit that they’ve been caught out.

A quarter of people still hand out their personal details, even when they think they shouldn’t, according to the research.

Almost half of people did this because they thought that the scammers seemed genuine, while 40% said it was because they felt pressured into doing it.

Katy Worobec, director of Financial Fraud Action UK, said: “Banks and other financial service providers work hard to protect their customers, using highly sophisticated security systems.

“Last year, banks stopped £7 in £10 of attempted fraud from happening. But as the banks’ systems get more advanced, fraudsters turn their attention elsewhere and sadly this often means tricking people out of their personal details and money.”

Five ways to avoid financial fraud happening to you

1. Never disclose security details, such as your PIN or full password – it’s never right to reveal these details
2. Don’t assume an email request or caller is genuine – people aren’t always who they say they are
3. Don’t be rushed – a bank or genuine organisation won’t mind waiting to give you time to stop and think
4. Listen to your instincts – if something feels wrong then it is usually right to pause and question it
5. Stay in control – have the confidence to refuse unusual requests for information

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