Fraud is enjoying a boom time in the UK, with victims losing £580 million in the first half of 2023. Losses for the whole year are expected to pass £1 billion. Read out blog outlining five ways to protect yourself from scams.
Consumer champions Which? have compiled these top tips to keep your money and personal data safe this year.
Password managers
Many of us have lots of online accounts and juggling different passwords can be tricky. Password managers can generate strong, unguessable passwords and then make sure they’re associated with the right websites.
There are several to choose from, but they all do pretty much the same thing – create an encrypted vault that stores all your passwords and generates new ones. In most cases they will fill in passwords on websites for you.
Cifas Protective Registration
This scheme could provide useful protection if you’ve been the victim of a data breach, as it helps prevent identity thieves obtaining bank accounts, credit cards and other financial products in your name.
When you request Protective Registration, Cifas places a warning marker against your name and other personal details in the National Fraud Database. This tells any organisation that uses Cifas data to carry out extra checks when your details are used to apply for its products or services to make sure it’s really you. It’s relatively inexpensive at £25 for two years’ protection.
Two-factor authentication
Using two-factor authentication (2FA) adds an extra layer of security when signing in to websites and services. It involves sharing something only you would have, such as a code sent to your phone via text or authenticator app, before you’re allowed to sign in. You can also sometimes use biometric data such as your fingerprint.
You’ll usually be asked to complete 2FA when you log in from a new phone, tablet, or computer, or from a new location the website doesn’t recognise. Some websites also require 2FA every time you log in or when you make a transaction.
Check your credit report
When it comes to fighting fraud, it’s not your credit score that matters, but the details on the report itself. Regularly check through your credit report for any unfamiliar searches or accounts – and if you find any, query them immediately, as they could reveal a fraudster using your identity.
You can do this for free via Clearscore (Equifax), Credit Karma (TransUnion) and MSE Credit Club (Experian).
Investigate websites
You may think you’re browsing the website of a major bank or well-known retailer, but scam and copycat sites are rife. One warning sign of a bogus site is that it’s only been registered in the last few weeks, despite claiming to represent a well-known brand.
Before buying something or entering your details, plug the website address into domain checker lookup.icann.org or who.is This will show you when the website was registered and can expose any impostors.