A fortnight ago I received a text from an unknown number saying I had a parcel from Hermes with an outstanding delivery fee. If I didn’t pay through the Hermes link in the text, my parcel would be returned to the sender. That text was a scam.
It’s not only couriers. Fraudsters will also pretend to be from your bank, often claiming they need to protect an account from fraud, or the police, insisting a fine be paid. Sometimes crooks will claim to represent a fraud prevention service. This type of heist is growing rapidly as fraudsters exploit our lifestyle changes. Online shopping and payments have all soared in the pandemic.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Two things helped me identify my text as fraudulent. First, the phone number was not official. Genuine companies can show up on your phone not as a number but as a name. A company’s real name will be officially registered and thus legitimate, but scammers often create convincing names that closely resemble the real one: dpdIreland instead of DPD, for instance. If you are contacted by a mobile number, check the company’s website to find out what their official contact number is. Websites should also make clear how the firm will contact you.
Second, the website address it was encouraging me to click on was different from the real Hermes website (hermes.tracking as opposed to the real myhermes.co.uk). A Google search will reveal a company’s true address. Bear in mind too that only criminals will pressure you to act quickly. If you’re being badgered on the phone, hang up.
If you think you have been a victim of fraud, contact your bank at once. The faster you report a scam, the more likely it is that your bank will be able to either stop the transaction or recover the money. Anti-fraud measures used by banks stopped £32m of fraud between January and June 2021.
Meanwhile, note that Stop Scams UK and the Global Cyber Alliance have launched the 159 pilot scheme, a new fraud hotline that will let you check whether a call from your bank is genuine. You can call 159 if someone contacts you saying they’re from your bank, even if you don’t have reason to believe the call is suspicious. It is running as a pilot scheme for a year. Participating banks are Barclays, Lloyds, NatWest, Santander and Starling Bank.
And remember the golden rule: withholding personal information until you have checked names or numbers through a source you know is legitimate is the best way to avoid a scam.
-
London claims victory in the Brexit warsOpinion JPMorgan Chase's decision to build a new headquarters in London is a huge vote of confidence and a sign that the City will remain Europe's key financial hub
-
Rachel Reeves's Autumn Budget: What it means for the UKOpinion A directionless and floundering government has ducked the hard choices at the Autumn Budget, says Simon Wilson
-
The consequences of the Autumn Budget – and what it means for the UK economy
Opinion A directionless and floundering government has ducked the hard choices at the Autumn Budget, says Simon Wilson
-
Big Short investor Michael Burry closes hedge fund Scion CapitalProfile Michael Burry rightly bet against the US mortgage market before the 2008 crisis. Now he is worried about the AI boom
-
Why the Waspi women are wrongOpinion Compensation for the Waspi women would mean using an unaffordable sledgehammer to crack a nut, says David Prosser
-
Why UK stocks are set to boomOpinion Despite Labour, there is scope for UK stocks to make more gains in the years ahead, says Max King
-
Should ISA investors be forced to hold UK shares?The UK government would like ISA investors to hold more UK stocks – but many of us are already overexposed
-
How Germany became the new sick man of EuropeFriedrich Merz, Germany's Keir Starmer, seems unable to tackle the deep-seated economic problems the country is facing. What happens next?
-
Who is Jared Isaacman, SpaceX astronaut and Trump's pick as NASA chief?Jared Isaacman is a close ally of Elon Musk and the first non-professional astronaut to walk in space. Now, he is in charge of NASA
-
'Rachel Reeves’s tax rise will crash the economy'Opinion Rachel Reeves will be the first chancellor since Denis Healey in the 1970s to raise income tax. It will only push Britain into recession, says Matthew Lynn
