FFA UK Campaign Provides Strategies To Counter Financial Scams

Financial Fraud Action UKThe increasing cases of financial fraud in the United Kingdom have compelled Financial Fraud Action UK (FFA UK) to launch campaign for educating people about its dangers. The FFA is a group that represents the payment industry in the UK.

As per FFA UK, there have been cases of more than 1 million frauds in the United Kingdom during the first half of the current year 2016. The figure has drastically risen by 50% as compared to 2015. The scams include cheque fraud losses, payment card and remote banking.

Katy Worobec who is the Director of FFA UK has made the following comments in a statement:

Last year, banks stopped £7 in £10 of attempted fraud from happening. But as the banks’ systems get more advanced, fraudsters turn their attention elsewhere and sadly this often means tricking people out of their personal details and money. …We are asking people to take five – to take that moment – to pause and think before they respond to any financial requests and share any personal or financial details.

The name of the campaign is Take Five, and FFA UK is advising individuals to provide personal information or any other financial details by taking some amount of time. They should not be in any hurry to give this information. The fraud can be in the form of a delayed response, phone call pause or any phishing text or email message. FFA UK is optimistic that such measures will help the consumers from becoming a sorry victim of financial fraud. The most common form of phishing scam is email fraud as well as mobile or text message phishing. The con people who are tricksters who allure people to transfer their hard earned money into their accounts.

Financial Fraud Action UK

Tony Blake who is a Senior Prevention Officer at Dedicated Card and Payment Crime Unit or DCPCU tell that most of the people are aware of the dangers associated while sharing personal information to anonymous people. But they tend to forget it most of the time when they are put under pressure by the fraudsters. The campaign Take Five started by FFA UK has been launched with the single objective of educating people of the dangers associated while sharing their personal information freely on the internet. People should delay the response time, and in this way, they can take control of the conversation.

The campaign urges the consumers to Stay in Control, Listen to their Instincts, Be Cautious about Emails, Avoid Being Rushed and Keep their Pin Safe. In the year 2015, the total losses coming from the financial frauds were around 775 million pounds. The figure increased by 26% as compared to 2014. More than 70% of the cases were related to payment card fraud, 22% were related to remote banking, and the remaining 3% was cheque fraud.

A research was conducted for the campaign Take Five where it was polled that more than 75% know the methods implemented by the fraudsters. The remaining 25% of the people provided details about the fraud methods. Many people discarded the knowledge they have about cheats because they find the con person to be genuine and authentic.

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