APP Financial frauds and tips to detect them
According to reports, the first six months of 2019 witnessed a sharp rise in financial scams. The UK alone was hit by over 40 percent increase in financial scams, with a majority being authorised push payment (APP) frauds. These frauds resulted in over £ 354.3 million being lost in the year 2018, with over 84 thousand victims. Typically, APP frauds involve tricking the target into transferring money into a bank account, to which the scammer has access. However, with the below-mentioned expert tips, you would be able to identify scammers and avoid being a victim. Let us now discuss some of the most common APP frauds and how you can detect them. NHS Scams One of the most creative tactics that scammers are currently using in the UK, is to call up sick people and trick them into transferring money or divulging sensitive financial information by claiming to be from the National Health Service (NHS). These scammers even spoof the NHS phone numbers which make victims believe that they are genuine officials. Once you fall into their trap, they ask for a ‘small fee’ or your financial details. Recently, an 80 year old victim ended up sharing her bank details and subsequently lost around £5000 within 36 hours. Always remember that in most cases, the NHS does not charge the patients and you can be sure that it does not seek financial details over phone calls or emails. Tips to detect NHS Scams The very fact that you received a call from someone pretending to be an NHS official must tell you that it’s a scammer. The scammer tries to sell you a fake NHS product. Always remember that NHS does not sell anything. NHS officials seldom call patients and never seek any financial or personal details, nor do they ask for your