Be aware and safeguard yourself from all financial frauds

When we talk about scams, we always think that they can never  happen to us. W should be very careful with these scams as, according to most of the UK’s financial institutions, financial fraud is the most common crime in the UK. 

It has accounted for the loss of almost £375.3 million with respect to banking cheques, payment cards etc. Meanwhile, a total amount of £208.8 million went off track in authorized push payment scams.

The truth behind financial fraud

With every passing day, scammers are getting smarter and faster. It is becoming difficult to catch hold them and to take out the cash from them. It is surprising to know that only 8% of the people can successfully identify the fraud. 

Many people may portray as the finance provider. Beware and always verify all the details of that person before giving a green signal to it. However, the UK marketplace does have reputed direct lenders and offers you loans with no guarantor.


Steps to avoid financial fraud

  • Keep a strong password

Your security is of utmost priority and should be well taken care of. Whenever you are making a new account on any of the platforms, make sure to keep a strong password that is not easily guessable. 

Use a complex password that may contain numbers, alphabets or symbols. Use different variations such as an upper case or lower case. 

Do not use the same password in all your accounts. Use different passwords for different accounts.

Along with complex passwords, make sure to secure your laptops and computers with the latest anti-virus software and security features. Keep your passwords secure, too, as it makes it difficult for the scammers to guess your password and commit a financial crime.

  •  Keep your personal information safe

Do not give away your personal information to any random person. Your leaked personal information can increase the chances of scams and get you stuck in a trap. 

Financial institutions do not contact you for asking your personal information or passwords. Also, if you receive an email or text message asking for your information, it is surely a scam. 

You always have to visit the institution to share your personal information. If any doubt, do not reply to any email or message and do not click on any random link as it may invade your personal space and gather all the required information. 

If you feel anything suspicious, you can always check with the financial institution and clarify your doubts. You can refer to your bank card for the institution’s number. 

For example, to trap you, many fake lenders offer loans on benefits with no guarantor required. Do not be attracted to these schemes and cross-check instead. 

When we talk about personal information, be careful of posting your information on social media. Do not post anything personal on your social media account. 

Be cautious of what you post. For example, avoid posting photos having numbers or nameplates in the background or any photo depicting a location. 

Avoid posting birthdays on your social media accounts, as anybody can get information relating to your date of birth. 

Anybody can take advantage of your personal details and make use of them for fraudulent activity. 

Make sure to hide all your personal information to protect you from any scams. 

If you want to discard any document, buy a shredder and shred all your documents. Do not throw away your documents just like that. Anybody can make use of that information against you. 

  • Stay vigilant

Keep a regular check on your bank transactions to identify any scam transactions. Along with your bank statements, regularly monitor your credit report too. 

There are chances; your credit report may suddenly go down because of the transactions you did not make. It may be a scam in progress. Being regular in checking, you can spot a scam much faster than before and report it to save yourself from such fraud.

Also Read:  Getting A Car Detailing Loan Financed

  • Do not believe in extra good things

You may get many calls offering your lucrative deals. It may be a scam. There may be offers that sound too good to be true. These are often scamsters trying to trap you in their scam. 

Too good offers are usually used by criminals to get access to your money and information. If you are no able to trust those offers, you can always cross-check with them by asking about their details. 

Do not feel pressured by somebody, and always verify before disclosing any of your information. 

  • Immediately report the issue

If you feel that you are being approached by a scamster, immediately report the issue to the concerned authorities. Also, contact your banks to block your cards and cancel all the transactions immediately.


Be alert and aware of any scam and immediately take action against it. Fraudsters may pretend to be lawyers or police to help you recover your lost money, do not fall into a trap and always verify before getting into any kind of deal.


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About Author

Ana Adam is a content writer, blogger and financial advisor. She loves share her knowledge by blog and social networking platforms. In-spit of it, she believes to grab the knowledge from news media that inspire to write, and helps in entertaining.