Britons fall victim to financial fraud ‘every 15 seconds’
The old phrase there’s one born every minute may have to be rewritten after a new study conducted by Financial Fraud Action found that four people fall victim to financial fraud every minute in the UK.
Outlining the full scale of card, cheque, phone and online fraud between January and June the FFA found that scams were perpetrated every 15 seconds, a significant 53 per cent rise on the same period last year.
In an effort to get to grips with the challenge the FFA, which is funded by banks and card providers, is launching a public campaign designed to communicate five key steps to protect yourself from fraud.
These remind people never to disclose PIN’s or passwords; exercise scepticism when presented with an unexpected email or phone call, take time when put on the spot; listen to your instincts and be prepared to say no.
Katy Worobec, director of FFA, said: “We are asking people to take five - to take that moment - to pause and think before they respond to any financial requests and share any personal or financial details.”
Whilst banks recoup losses in some instances many people are too embarrassed at having been scammed to report it.