Distraction & Misdirection
The main way that fraudsters operate is to distract. In this instance, to distract you with help. You are thrown off guard by being told you may have had fraud on your account. Do not give your bank details over the phone (or internet) to anyone that YOU have not properly identified and be careful when you are being asked for details.
This fraud works due to an issue with open phone lines. At the moment 40% of the land line network closes lines within 2 seconds of you hanging up, but this scam relies on the line being kept open for longer. BT and Virgin currently keep a line open for 2 minutes (according the BBC radio show). The Police advise using a different phone or waiting at least 5 minutes before calling your Bank on their proper number.
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This sort of stuff is miserable, but it happens all the time. Anyone can fall for it. You are generally not protected against fraud if you give your details out. In Surrey 81 cases have been reported, worth £900,000 since July. The Met report over 2,200 cases in London worth over £3.5m. You have been warned. Please have a look at the Financial Fraud Action UK website for further tips and advice.
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email firstname.lastname@example.org