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20 May 20

Coronavirus (COVID-19) scams

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Both the Financial Conduct Authority (FCA)i and the Financial Services Compensation Scheme (FSCS) ii have warned the public to be vigilant for scams related to the coronavirus pandemic.

Major events such as the pandemic create opportunities for criminals to exploit people when they are vulnerable, for example: due to ill health, concerned about loved ones, uncertain about their income. The FCA lists tactics that could be used by scammers, such as charging a fee for a loan but failing to release the funds, promising high investment in ‘good cause’ products, promising to recover your losses by making a claim and asking for an upfront fee or saying your bank requires you to transfer money. The FCA advises to always be aware of adverts and contact from unknown senders, always use the Financial Services Register to check companies you consider dealing with and never give out personal details.  See the full information from the FCA here.

Sources:

  1. https://www.fca.org.uk/news/news-stories/avoid-coronavirus-scams
  2. https://www.fscs.org.uk/news/fscs-news/covid-19/