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Fraud frequently asked questions

Here we answer some of the most frequently asked questions about financial fraud.

About financial fraud

How big a problem is financial fraud?

According to Financial Fraud Action UK Ltd, in 2016, financial fraud losses across payment cards, remote banking and cheques totalled £768.8 million in the UK – a rise of 2% compared to 2015.


Why is fraud on the rise?

Recent rises in fraud are being driven by the increasing threat posed by impersonation and deception scams – alongside the growth in sophisticated online attacks such as data breaches and malware, showing the importance of protecting your personal information.


Am I at risk?

By listening to our messages and acting on our advice you can help yourself stay safe. With fraudsters using impersonation scams and data breaches to commit their crimes, it’s vital that everyone is alert to the dangers. Always remember to be very cautious about giving your personal or financial information.


Do criminals just target individuals?

No, fraudsters also target businesses, and according to figures from Get Safe Online and Action Fraud, businesses reported they had lost over £1 billion to online crime from March 2015 – March 2016. The most common financial fraud scams against businesses occur when a fraudster emails employees pretending to be the CEO or senior member of staff (CEO spoofing) or when a fraudster contacts a business pretending to be a supplier (Invoice fraud).


Taking action

How can I protect myself?

The key thing is to take time to think before you act if you’re asked for your personal or financial details, or to transfer money. There are also some other simple steps you can take to protect yourself from financial fraud, like having up-to-date software and only shopping on secure websites.

Remember too, if after all that, you still feel uncomfortable or unsure about what you’re being asked, never hesitate to contact your bank or financial service provider on a number you trust, such as the one listed on their website or on the back of your payment card.

Check out more tips on our Advice page.


Will I be held liable for fraud on my credit or debit cards, phone/online banking or cheques?

If you are a victim of fraud you may have legal protection meaning you will get your money back, unless you have acted fraudulently or with gross negligence – please contact your bank and other financial service provider for further information.


I think I’ve been a victim of financial fraud, what should I do?

If you think there has been fraud on your card or bank account – or if you suspect anyone has attempted to compromise your financial details – report it immediately to your bank or financial services provider and then contact Action Fraud on 0300 123 2040 or at www.actionfraud.police.uk.

Check our our report fraud page for more info.