Fraudsters Use Sophisticated Tactics to Exploit Trust and Urgency

Throughout 2022, UK citizens were defrauded of £177.6 million through over 45,000 impersonation scams, according to UK Finance, which leads the Take Five campaign to raise awareness about fraud. The campaign, highlighted during Take Five Week (17-21 April), stresses the importance of pausing and verifying any requests for money or sensitive data before responding.

These scams involve criminals impersonating trusted organisations, such as banks, the police, or even close acquaintances, often making urgent appeals via calls, texts, or emails. Katy Worobec, UK Finance’s managing director of economic crime, noted that distinguishing legitimate communication from fraudulent messages can be challenging due to frequent contact with genuine organisations.

Take Five advocates for rejecting or ignoring suspicious requests and swiftly reporting any incidents to banks and Action Fraud. Although many banks have adopted a voluntary code to reimburse scam victims, there have been concerns about inconsistent enforcement. New measures by the Payment Systems Regulator may soon mandate full reimbursement for authorised push payment (APP) scam losses exceeding £100. Certain banks, like TSB and Nationwide, already offer specific protections. In a move to address growing concerns over fraud, NatWest has implemented restrictions on cryptocurrency payments to safeguard customers from large financial losses.