Tuesday, May 28, 2024

How financial scammers are targeting the vulnerable during COVID-19

COVID-19 has presented many challenges for businesses and
individuals all over the UK, particularly those who are vulnerable. The elderly
and those considered high-risk have been advised to isolate themselves during
this difficult time, and unfortunately, financial scammers have used these new
social distancing measures as a platform for a new wave of financial scams.

From pension scams and lender loan fraud, to scams
surrounding school meals and medical supplies, there is a chain of financial
scams going around that you should protect yourself and your family members
from during the COVID-19 pandemic.

COVID-19 scams to look out for

Top Financial Scams to Watch Out For During the COVID-19 Pandemic

Protecting yourself from financial scams

The National Crime Agency has released a 3-step approach to
protecting yourself and those you love from scams during COVID-19. This process
includes 3 simple steps that are highly effective.

  1. Stop – Take a moment to stop and think before you part ways with any money or any other valuable information. Don’t be afraid to tell a caller you’ll call them back.
  2. Challenge –  Do you suspect a hoax? Reject or ignore it immediately.
  3. Protect –  Report the scam as soon as possible to Action Fraud and contact your bank if you think you’ve fallen victim to a COVID-19 financial scam. You can report any potential spam emails to the government directly by sending them to phishing@hmrc.gov.co.uk.

Additionally, you should always check if financial advisors
are registered with the FCA before deciding whether or not to invest your
hard-earned money.

What to do if you’re caught up in a COVID-19

If you’ve already been caught out by one of these scams,
you’re certainly not alone. COVID-19 has raised the pension fraud threat level
and the UK’s National Cyber Security Centre (NCSC) said it took down over 2,000
online coronavirus scams in March 2020. Thankfully, there are actions you can
take to claim back any finances lost.

If you’ve fallen victim to a scam, such as a financial
investment scam, you should contact your bank immediately. More often than not
scams are detected too late to reverse any decisions – and that’s where an
investment claims company can help.

Organisations like Expert
Pension Claims
can help you claim compensation for any financial
mis-selling you might have fallen victim to, including any pension scams that
occurred during COVID-19.

You can of course make a claim yourself either directly to
the adviser or the Ombudsman for free, but Expert Pension Claims, a specialist
claims management company, has recovered over £5 million for their customers
since 2012 and could help resolve any case where miss selling has occurred.
It’s never too late to claim back what is rightfully yours.

Claire James
Claire Jameshttp://www.firedigitaluk.com
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

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