19 June 2019

Are you familiar with the different types of financial scams?

5 min read

 
Helen Morrissey, Personal Finance Specialist

Helen Morrissey

Corporate PR Specialist – Long Term Savings

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Helping you understand your money and improve your financial capability is a priority for us at Royal London, which is why we’ve created our Good With Your Money guides. If you want to read more about the topic of financial scams, you can read our full guide here.

Would you know if you were being targeted by a financial scam?

Take our quiz below to find out.


Question 0 of

Which type of fraud involves the theft of someone’s personal information?





Correct

Any fraud that involves the theft of personal details such as bank account numbers, dates of birth, and address details is known as identity fraud. Scammers use this information to access victims’ bank accounts and sometimes obtain credit. This can have long-term consequences since finding out how your details were accessed, dealing with banks, and updating passwords etc. can all take a lot of time to resolve.

Wrong

Which scam consists of offering someone high or guaranteed investment returns on assets that cannot easily be identified and may even be based abroad? The scammer will often put pressure on the victim to make a decision quickly.





Correct

Investment scammers often put pressure on the victim to make rash decisions, so it’s important to remain firm when approached about someone offering such investments. Remember that no financial adviser would expect you to hand over money without thinking things through first.

Wrong

You receive mail from an agency saying that you’ve won a prize and you need to send a payment to claim it. This is:





Correct

It’s incredibly easy to be tricked into thinking that these requests for money in return for prizes or services are authentic. If you think you or someone close to you is being targeted you should check with your local Trading Standards office to make sure you aren’t on any known scammers’ “suckers lists”. You can also get in touch with Royal Mail to have post redirected to the home of someone you trust.

Wrong

Online fraud involves:





Correct

Online scams can involve receiving a suspicious email, either with links to viruses or with requests for personal information. If you know someone who’s received suspicious emails, make sure to check that they have anti-virus software installed on their devices, tell them to contact anyone asking for sums of money directly by phone, and any suspect emails should be deleted immediately.

Wrong

What should you do if you know someone who’s been targeted by scammers?





Correct

Wrong

Results

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