British financial institutions have warned of fraudulent scammers using the crisis as an opportunity to exploit people for their hard earned cash.
Financial institutions have listed out some of the current scams that they are aware of in an effort to try and stop consumers from falling prey to fraud.
Banks have said that scammers have been known to impersonate important organisations such as the HMRC or the NHS to trick them. To avoid falling for these sophisticated scams, people should stay alert and not give out their personal information to anyone that asks.
Katy Worobec, the managing director at economic crime at UK Finance stated that during the pandemic they have seen many scammers and criminals use these sophisticated tactics to exploit people into giving them their information or even money.
This statement is backed by the overwhelming stat from local councils that have recorded a 40 percent increase in scams since the beginning of the pandemic. Some of the scammers are urging people to invest to take advantage of the downturn that the economy has taken. Instead they simply just pocket the money and the public is left with nothing.
As previously mentioned, others are impersonating popular subscription based services to steal money and personal information from people.
With the rise of this crime during this time, Ms Worobec urges people to use the advice from the Take Five to Stop Fraud campaign to ensure that they personal information and money is safe. The main message behind the campaign is to be wary of solicitors and to “Stop, Challenge and Protect” when they received any unsolicited contact.
In addition to this type of crime, the Local Government Association has warned people about scammers selling fake hand sanitiser, COVID-19 testing kits and even medical products that claim to treat or even prevent coronavirus.