How to spot signs of fraud or a scam – and protect yourself

Fraudsters always like to take advantage of a crisis – and the current cost-of-living hardships people are facing are no exception. The ways criminals get people to part with their money change with the times, but the effects on those they target can be longer lasting. So what do you need to look out for and how can you avoid getting caught?

How to protect yourself from fraud

Fraud is a type of financial crime usually involving unauthorised use of banking information. Examples of fraud include identity theft, bank account takeover and unofficial use of a credit or debit card.

The best way to prevent being a victim of fraud is to avoid sharing too many personal details online, not letting anyone have access to your security details and making sure you store confidential statements securely and/or dispose of them carefully by shredding or redacting them.

Scams are tricks to make you give personal information, banking details or money to a criminal. Examples include too-good-to-be-true deals, requests to transfer money and bogus investment opportunities. There’s no line of communication that’s out of bounds for scammers – they’ll use the doorstep, telephone, text, WhatsApp and email to try to swindle you out of your money.

Most of us know how to spot a phone scam. Someone will try to deceive us into believing we’re speaking to an authentic member of an organisation, such as a bank, government department or a police officer. They’ll usually try to persuade us we’ve been the victim of fraud and try to convince us to hand over financial information or get access to our account. When we hang up, they just call another number.

Don’t get caught out by an email scam

Phishing emails try to lure you into doing something that will cost you. They can seem authentic but, if you know where to look, there are usually signs that they’re not genuine.

Most phishing emails ask you to click on a link that will take you to a web page to enter personal information such as username or password, or even payment card details. But once you’ve entered your details, a cyber criminal can go on to cause you all sorts of problems.

In the following video, Adam White from Saga's Information Technology Security Team shows you what to look out for and explains how Saga can help if you get reeled in.

Smishing is a form of phishing using text message (SMS) or, more recently, WhatsApp. Scammers will send fake messages – even trying to sound like family with a cheery 'Hi Mum' – to try and get you to engage in conversation, click on links and ultimately hand over money.

The good news is that if you don’t click on a link, open an attachment or enter any personal information, you’re safe. Similarly, if you don’t disclose personal or financial details to a stranger over the phone or at your front door, you’re in the clear. No genuine business will ever send someone to your home unexpectedly or ask you by phone or email to reveal personal banking information such as your PIN or password.

Avoidance is always the best way to protect yourself from fraud. This includes deleting emails from people or businesses you don’t know, hanging up the phone if the caller is pressurising you into doing something or asking someone on your doorstep to leave if they don’t seem genuine. But even a foiled attempt by a scammer can leave some people feeling shaken.

How Saga Health Insurance can help

For mental health support, we have Saga Health Insurance. Its Super, Secure and Saver Plus HealthPlans provide a service called Mental Health Direct Access. It's available without having to see your GP and a course of telephone or face-to-face counselling can be arranged if clinically appropriate.

This is just one of the services Saga Health Insurance provides for you. Another benefit is unlimited use of the Saga GP Service for medical concerns, so you can arrange a phone or video consultation with a private GP day or night, 365 days a year.

And for physical health problems, Saga HealthPlans Super, Secure and Saver Plus help you get seen promptly by a specialist for eligible diagnosis and treatment.