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Stop cybercriminals stealing your money!

fraud

Financial fraud is on the rise. But there are some simple steps you can take to protect your money and info from hackers, fraudsters and scammers.

According to Take Five To Stop Fraud – an organisation that offers straightforward and impartial advice to help everyone in the UK protect themselves against financial fraud – one of the most important things you can do is stop and think. Because, according to the cyber-security experts, you probably already know these basic rules on how to stay safe from financial fraud. You just need to take a breath and stay calm enough to remember them.

What else does Take Five recommend?

  1. Understand that a genuine bank or other financial organisation will never contact you out of the blue to ask for your PIN or full password
  2. Know that a legitimate bank or other business would never ask you to move money to another account for fraud reasons
  3. Never automatically click on a link in an unexpected email or text. This could result in you giving a fraudster access to your personal or financial details
  4. Always question uninvited approaches in case it’s a scam. Instead, contact the company directly using a known email or phone number
  5. Don’t assume an email or phone call is authentic. Just because someone knows your details (such as your name and address or even your mother’s maiden name), it doesn’t mean they are genuine
  6. Be careful who you trust. Criminals may try and trick you by telling you that you’ve been a victim of fraud. Criminals often use this to draw you into the conversation, to scare you into acting and to reveal your security details
  7. Know that criminals can make any telephone number appear on your phone handset. So even if you recognise a number, or it seems authentic, it might not be genuine
  8. Don’t be rushed or pressured into making a decision. A trustworthy organisation would never force you to make a financial transaction on the spot
  9. Listen to your instincts. If something feels wrong, then it is right to question it
  10. Have the confidence to refuse requests for personal or financial information. Stop the discussion if you do not feel in control of it
  11. Never hesitate to contact your bank or financial service provider on a number you trust. For example the one listed on their website or the back of your payment card.

Get more advice from Take Five here. You can also take a quick test to find out if you are too smart to be scammed.

Types of financial fraud

A cyber-attack can take many forms including:

  • Financial data hacks. Hacking can lead to your personal and sensitive data getting into the wrong hands. In the worst cases, this can lead to you falling victim to financial fraud and identity theft. The impact of data hacking can be devastating, and we have seen instances where financial losses only started to occur three to six months later. This is often because data stolen is used in batches over time.
  • Financial phishing attacks. Phishing scammers use emails, texts, websites, phone calls and social media to access your data, your computer, or your financial accounts. Their ultimate goal is to steal your money and/or personal information. Unfortunately, in most cases, where someone has become a victim of a phishing scam, their bank is not responsible for their losses. So, people can be left not knowing where to turn for compensation.
  • Bank and credit card takeover fraud. Takeover fraud happens when a criminal uses another person’s account information (e.g. a credit card number) to buy products and services. Takeover fraud is also used by scammers to extract funds from a person’s bank account.
  • Push payment scams. Push payment fraud (also called APP fraud) happens when cybercriminals deceive individuals into sending them money. Because the victim believes the fraudster to be genuine, they authorise the handover of cash.

Not Just Hackers

Despite fears about cybercriminals, it is human error rather than cybercrime that is the biggest cause of financial data breaches. Typical examples of such errors include where a bank or other financial organisation:

  • Sends sensitive data to the wrong recipient (via email, post or fax)
  • Loses paperwork
  • Forgets to redact data
  • Stores data in an insecure location
  • Loses devices such as laptops, phones and tablets
  • Doesn’t train its staff properly on data protection or where staff deliberately ignore data
  • Leaves sensitive information online without any password restrictions.

Find out more about our #NotJustHackers campaign.

Are banks doing enough to protect customers from data breaches?

In many cases, financial data breaches happen because of a failure to implement reasonable and robust processes. Often because of the cost needed to do this.

But, by not putting adequate processes and training in place, banks and other financial organisations are leaving customers open to an increased risk of cyber scams and avoidable mistakes that lead to data breaches.

Protect yourself following a financial fraud, data breach or scam

If you are worried about the security of your money and personal information, you should:

  • Contact your bank/credit card provider immediately
  • Consider a credit freeze until the matter is resolved
  • Report the scam to the police and contact Action Fraud for advice on what to do next
  • Keep an eye on your bank and credit card statements to see if there is anything you don’t recognise
  • Let the credit reference agencies know of any activity that was not down to you
  • Register with the Cifas protective registration service. This will slow down credit applications made in your name with additional verification checks made to ascertain that the applicant is actually you.

For more advice on how to keep your data safe, follow us on Twitter and Facebook. Alternatively, if you have been the victim of a financial data breach or cyber fraud, contact us to find out how we can help you to claim compensation for any loss of money and/or emotional distress.