Five ways to fight financial fraud

25% of people admit to using the same password and PIN for numerous accounts

Five ways to fight financial fraud

Do you use the same password or PIN for numerous accounts? If you're one of the 25% who admit to doing this, you're much more likely to fall victim to online fraud.

Comparison website reckons one in ten people were the victim of a cyber-attack in the last year, with their debit or credit card details stolen or compromised, and close to two-thirds of these instances resulted in money being stolen.

It means many are taking fraud more seriously - almost half (49%) of people surveyed said they now check their bank accounts more regularly and a third (33%) no longer share their banking details.

Financial fraud doesn't just happen online. The Money Advice Service found last year that two thirds of UK adults had received suspicious phone calls, while scammers can also operate door-to-door.

Five tips to stop fraud

A new campaign launches today to help you tackle financial fraud and protect yourself from the sneaky tricks being used to get your money.

Take Five, organised by major banks and financial service providers in the UK, found despite 70% of potential fraud being prevented in the UK, £755million was still lost in 2015.

The five top tips to make you stop and think about whether you're potentially at risk of fraud:

  1. Never disclose security details, such as your PIN or full password - it's never ok 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 genuine bank or 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.

What to do if you think you've been scammed

First, stop sending any money straight away and change your security details such as passwords, usernames and PINs.

Next up, report the scam to Action Fraud on 0300 123 2040 or online. You should also speak to your bank.

Finally keep an eye on your accounts for any further unauthorised activity, and be wary of follow up scams.

This article is provided by the Money Advice Service.

Victims of scams and fraud

Victims of scams and fraud