Scam warning issued ahead of festive period

Home » News & Knowledge » Scam warning issued ahead of festive period – What to do if you lose money

A warning has been issued ahead of Christmas to remind people to remain vigilant of scams over the festive period.

Experts have said that Christmastime is a period when people may feel lonely if they do not have friends or family present – which can make them susceptible to fraudsters who may reach out online.

Scam warning issued

Meanwhile, new data from the Take Five to Stop Fraud campaign has found that over half (58%) of people in the UK feel lonely at least sometimes, potentially putting them at risk of fraud. Isolation can make people prime targets for fraudsters who attempt to befriend and manipulate them into passing on personal and financial information.

Impersonation and romance scams are particularly harmful methods of defrauding people, with UK Finance data showing that over £65 million was lost to these scam types in the first half of 2024.

These frauds involve criminals researching their target and using social engineering tactics to build trust, often posing as a romantic interest, a concerned friend or family member or a trusted organisation.

Over half (53%) of people surveyed admitted to being at least somewhat trusting of strangers or people they don’t know, a trait that scammers will exploit to gain access to personal and financial information.

Concerningly, just under a quarter of people in the UK (24%) say there isn’t someone in their life that they would talk to if they thought someone was trying to scam them. This lack of a support network leaves people at greater risk.

In addition, almost a quarter (23%) of people worryingly said that they have clicked a link, provided personal information or made a payment in response to an unexpected request from someone who later turned out to not be who they claimed to be.

To empower the public to protect themselves from potential scams this Christmas, the Take Five to Stop Fraud campaign is urging people to stop and think whenever they are asked money or financial information.

In addition, Take Five is also calling on communities to look out for vulnerable friends, neighbours, or family members who may be at risk.

Giles Mason, spokesperson for the Take Five to Stop Fraud campaign, said:

“Fraud is a terrible crime that preys on people’s vulnerabilities. During the Christmas period, loneliness can leave people more susceptible to scams. Criminals are very cunning and will try to exploit the goodwill and emotions of the season to build trust and manipulate their victims.

“We urge everyone to stay vigilant and never share personal or financial information with someone you don’t know. Always check who you’re dealing with, even if they seem genuine. If something doesn’t feel right, stop and seek advice.”

Professor Andrea Wigfield, Co-Director of the Campaign to End Loneliness (CTEL) said:

“Loneliness is a deeply personal and often invisible struggle that can leave people feeling longing for connection, especially during the festive season. Scammers can exploit this vulnerability, pretending to offer friendship or romance while working to steal from their victims.

“It’s a cruel betrayal of trust that can have devastating effects. We urge everyone to be cautious when interacting with strangers online or over the phone and to look out for others who may be feeling lonely.”  

To protect yourself from scams, we encourage you to follow the advice of the ‘Take Five to Stop Fraud’ campaign:

Stop: Take a moment to stop and think before parting with your money or information. It could keep you safe.
Challenge: Ask yourself, could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.

How to report a scam

Contact your bank immediately if you think you’ve been scammed and report it to Action Fraud at actionfraud.police.uk or on 0330 123 2040.

How to protect yourself from being scammed?

There are a number of ways to protect yourself from being scammed online and things you should look out for to remain vigilant.

Install legitimate anti-virus and firewall software and make sure you keep it up to date.
Initiate two-step authentication on apps to give you an extra layer of protection.
Don’t click on links or attachments in an unexpected email, even to unsubscribe. Delete the email and go to the organisation’s own website.
Don’t reply to scam emails even to say no – this lets the scammer know the account is active.
Do not click on any pop-ups that you don’t recognise.
Use strong passwords. Stringing together three random words, and including numbers and letters, can create a strong but memorable password – eg: Car2Dog3Iris4&.
Don’t use public Wi-Fi to make any financial transactions, like online banking or shopping.

What should I do if I have been scammed?

If you believe you have been a victim of a scam, you should follow these steps:

Here are 5 simple steps that you should do next to help and prevent further fraud:

Report the scam/fraud to your bank immediately. The number 159 is a centralised number to call specifically to report scams.
If it involves your bank account, freeze any accounts or pending transactions
Report the scam as financial crime to the police
Seek support either from Citizens Advice Bureau, Action Fraud and/or a legal entity such as Oakwood Solicitors.
Put measures in place to ensure prevent being scammed in the future.

I’ve been scammed – Will I be able to get my money back?

From October 7, new regulations were put in place which means that banks, in most cases, must refund victims who have been scammed and sent money to a fraudster via a bank transfer.

Oakwood Solicitors Ltd can assist with this process to ensure you get your money returned as quickly and efficiently as possible.

Are you covered under the new rules?

The new rules cover scams involving UK bank transfers made via Faster Payments or CHAPS. Payments made by card, cash, or cheque are not included.

When do the new rules apply?

The new regulations apply to payments made on or after Monday, October 7, 2024. Payments made before this date fall under the old voluntary code of practice.

Which financial institutions will refund me?

All banks, building societies, e-money firms (such as prepaid card providers), and savings providers are covered by the new regulations.

How much can you claim back?

Banks are required to refund up to £85,000, though they may choose to refund more. The Payment Systems Regulator (PSR), the authority behind the new rules, believes this cap will cover 99.8% of APP scam cases, reimbursing around 90% of the total value lost.

Initially, the cap was set at £415,000, but was lowered to avoid discouraging investment and innovation in the financial sector. If your losses exceed £85,000 and you believe the bank is at fault, you can file a complaint with the Financial Ombudsman Service, which has a limit of £430,000.

How quickly can you expect a refund?

In most cases, banks aim to issue refunds within five working days. However, if your case requires additional investigation, the bank may take up to 35 working days.

Contact Oakwood Solicitors Ltd today if you have been a victim of a bank scam.

Why should I contact Oakwood Solicitors Ltd?

If you have been a victim of a scam, contact Oakwood Solicitors Ltd today to find out how we can help you. We can help assist you in your claim and help you retrieve the money that is rightfully yours.

Scam warning issued ahead of festive period – What to do if you lose money