From convincing calls and messages requesting financial information to elaborate online scams, fraudsters are always looking for new ways to catch people off guard.

In 2023, UK Finance reported that scammers stole £1.17bn through unauthorised and authorised fraud. Often, they target people they perceive as more vulnerable, such as the elderly. Official crime figures showing that an older person falls victim to fraud every 40 seconds, but everyone is at risk as scammers use increasingly clever and convincing tactics to trick potential victims.

Although the financial impact of a scam can be costly, it can also leave us feeling embarrassed and have a lasting impact on our confidence. Three in ten (29%) say that being a victim of fraud has harmed their mental health, leading them to seek help with anxiety and depression.

So, how can you stay alert to scams and prevent them from happening? The golden rule is to be vigilant.

“Knowing what to look out for and feeling confident to check or challenge what you’re being asked to do, especially where something doesn’t feel quite right, is very important,” says caba wellbeing expert, Ola Opoosun. 

If you ever find yourself in a situation where you’re unsure what to do, caba has come up with a handy acronym, SCAM. This provides a checklist to help you work out if a request for financial and personal information is genuine or not.

Sender

If you receive a message out of the blue, ask yourself: Is it a complicated email address, or one that’s familiar yet not quite right? Is it an unknown phone number? Don’t assume that an email address, postal address, website or phone number is always authentic. 

Always stop and check the sender’s address or number.  

Chasing 

Is there a sense of urgency? Time pressure can be an obvious red flag as scammers use tactics to convince you to make a hasty decision without thinking things through. However, a trusted organisation would never rush you to make an important decision such as transferring money or sharing credit card numbers.  

Remember to stop and take time to think through your decision and question if it seems like suspicious activity.  

Action 

An online, phone or email scam will likely try one of a variety of ways to get you to send money or personal information. But it’s important to remember that a genuine bank or organisation would never ask you for your password, PIN or other security details, especially out of the blue.  

Mistakes 

Scammers impersonate trusted companies, organisations and even people. If you receive an email or text with spelling errors or strange wording, these are tell-tale signs that it’s a scam.

Fraudsters hope that people might overlook typos. You should do an online search of the number or email address to see if it’s legitimate before replying to the message.

What do I do if I fall victim to a scam? 

Ola says: “It’s important to remember that anyone can be a victim of a scam. It’s nothing to be embarrassed about.

“If you’re worried that you’ve been scammed online or through another method, or your financial security has been compromised, or you spot any fraudulent activity on your bank account, it’s important that you contact your bank immediately. It will take action, such as blocking or freezing your account or credit card so no money can be taken.  

You can also reach out for financial support from charities, such as caba, for tools and tips to help you get your finances on track if you’ve been affected by scams.” 

With scams becoming increasingly sophisticated, it’s important to be more vigilant and feel confident to check or challenge what you’re being asked to do.