Fraud and Scams

Learning Objectives Understand how to manage risk and emotions associated with money Understand the emotional and financial impact that being a victim of fraud can have Recognise and avoid fraudulent offers and scams in a variety of situations when buying things

What is fraud? Fraud is when trickery is used to gain a dishonest advantage, which is often financial, over another person. There are lot of words that are used to describe fraud:

Are these scams? Tom’s Story… An email: Tom and his wife, Emily receive an email telling them they have won £100,000 on an online lottery.  They don’t remember entering a lottery!

Are these scams? Emily’s Story… In the street: A man asks Emily if she has dropped a gold ring which he has just found on the pavement. When she says no, the man asks her if she wants to buy it. He assures her it is solid gold.

Tom and Emily’s Story Yes, they are scams. The lottery email or text: Most people who receive these haven't entered a lottery draw. If you respond and provide your personal information, the fraudsters will ask you to pay various fees so that they can release your winnings. Ignore and delete. There is no prize money! In the street: This well known scam is mainly carried out in tourist areas. The ring is not gold and the scammer has many fake rings in his pocket. If you buy the ring you end up with a gold-coloured ring made of cheap metal, and the fraudster walks away with your cash. Walk away without buying anything.

What are they offering and how are we scammed? On social media Offering prizes and money By text or email Black Friday, Cyber Monday? On the street On websites Markets and car boot sales Sport or music event?

Who can help? Action Fraud As the UK’s national fraud reporting centre, Action Fraud is the first point of contact for victims of fraud. http://www.actionfraud.police.uk/about-us Banks Immediately report lost or stolen cards or suspected fraudulent use of your card to your bank or card company. You should also report lost or stolen cheque books or any missing cheques. Banks and companies have 24-hour emergency numbers printed on account statements.

Today we have learnt… There are different scams on websites, in emails and by people we know or meet Ways to avoid these fraudulent offers That we need to keep money safe from the risks of fraudulent offers and scams