30 Jul 2020
Fraudsters are exploiting people's financial concerns during the coronavirus (COVID-19) pandemic, UK Finance has warned.
The trade body highlighted some of the most common scams as it launched a campaign called Take Five to Stop Fraud. According to UK Finance, some scams manipulate innocent victims, urging people to invest and 'take advantage of the financial downturn'.
Others impersonate well-known subscription services to get people to part with their savings and personal information. Criminals are even posing as representatives from the NHS Test and Trace service to trick people into giving away their personal details.
Commenting on the scams, Katy Worobec, Managing Director of Economic Crime at UK Finance, said: 'During this pandemic we have seen criminals using sophisticated methods to callously exploit people's financial concerns, impersonating trusted organisations like the NHS or HMRC, to trick them into giving away their money or information.
'The banking and finance industry is tackling fraud on every front, investing millions in advanced technology to protect customers and working closely with the government and law enforcement to stop the criminal gangs responsible and neutralise the threat.'
More information on Take Five to Stop Fraud can be found here.