As the world moves towards a more digitised financial system, fraudsters’ jobs have become much easier. Coupled with the global economic crisis and rising costs of living, it is no surprise that people are becoming more susceptible to financial fraud, scams and identity theft. In fact, according to the UK Office for National Statistics, fraud offences rose by 7.3% during the last official recession in 2008.
Fraud Prevention in the UK during Economic Uncertainty
The current cost of living crisis has resulted in skyrocketing prices of essential commodities like food, energy, gas and rent, making people more desperate and vulnerable to fraudsters. As the crisis covers various commodities, fraudsters have even more ways to target prospective victims. They have exploited gas suppliers, electricity providers, supermarkets, and government welfare schemes to con desperate individuals out of their hard-earned money. The likelihood of people falling for scams increases when they are desperate.
It is no wonder that fraud cases have surged, and we can expect to see the figures for fraud offences rise again later in the year. During these times of economic and political unrest, more needs to be done by the government to raise awareness concerning the latest fraud methods. There are a number of ways to do this, such as through social media, physical media (leaflets and newspapers), television and word of mouth. Most scams are relatively easy to spot once you know what to look for, which means that in many instances, fraud is avoidable.
The Importance of Education & Fraud Awareness
The best way to protect yourself and your finances are to increase your knowledge of the methods fraudsters use to trick their victims. With the rising rates of fraud in the UK, it is essential to be aware of the latest fraud methods and how to protect yourself from becoming a victim.
If you suspect you have been the victim of fraud, it is essential to report it immediately. By reporting fraud, you help prevent others from becoming victims and assist in bringing fraudsters to justice. The UK has several resources available for reporting fraud, such as Action Fraud and the National Fraud & Cyber Crime Reporting Centre.
Fraud prevention is an important aspect of financial security in the UK. Economic uncertainty and rising costs of living make people more vulnerable to fraudsters. Educating yourself and being aware of the latest fraud methods can help you protect your finances and avoid becoming a victim. Remember to report any suspected fraud immediately to help prevent others from falling victim to the same scams.
It is essential to increase public awareness and educate individuals on the methods fraudsters use to trick their victims. A simple set of rules and guidelines that can help people protect themselves from becoming victims of fraud are:
- If an offer or opportunity seems too good to be true, it probably is.
- Never hand over personal details to someone you don’t know.
- Register for two-factor authentication on all applicable accounts.
- Go with your gut. If something seems “off” about an email or text message, don’t trust it.
