The holiday season is a time for giving, but it’s also a peak season for scams and financial fraud. While you’re browsing the best online sales, scammers are ready to exploit unsuspecting individuals.
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And perhaps even more unfortunate is the aftermath of a scam or financial harm during the holiday season. While the consequences are always dangerous, the depression, shame and loss of money can feel even more devastating this time of year.
But, did you know that scams and financial fraud can happen to anyone? From seemingly innocuous calls from your bank to the most mundane email, scammers and fraudsters are becoming more and more sophisticated.
It’s important to stay informed and vigilant, particularly during the holidays. Read more to learn about the red flags of scams and financial fraud so you can enjoy the festive season with peace of mind.
What is financial harm and why should I care?
Financial harm, as defined by the Fife Adult Support and Protection Committee, is caused by the illegal or improper use of an individual’s resources (both financial and property) by another person, without their informed consent or through the exercise of undue pressure.
With so much commerce and opportunities for scams during the holiday season, it’s important to keep your eyes open for signs of harm.
Three forms of financial harm
With fraudsters becoming more and more sophisticated, financial harm can take many forms, including:
Theft of money, benefits, property, possessions. Financial harm covers all forms of financial scams that often result in the loss of money, benefits, property or possessions
Telephone call scams, internet scams, unsolicited mail. Due to the pandemic, scammers have realised that many potential victims can be reached directly in their homes. A rise in financial harm through telephone calls, emails, or the post has been reported, particularly across the Fife area.
Befriending for the purpose of committing crime. Using social media and their detective skills, scammers are brilliant at posing as friends (old and new) and asking you for money. This scam doesn’t just hurt your wallet – it can hurt your pride too.
Red flags of financial harm during the holidays
During the holiday season, scammers often use tactics designed to exploit the festive spirit and sense of urgency. Stay safe and watch out for these red flags:
Unsolicited offers or messages: Unfortunately, unexpected calls, emails, or texts claiming you’ve won a prize, are eligible for an exclusive deal, or need to resolve an urgent account issue are all common tactics of scams and are red flags for possible financial harm.
Requests for immediate payment: Scammers prey on politeness, and often emphasise urgency while demanding payment through unconventional means like gift cards, wire transfers, or cryptocurrency.
Too-good-to-be-true deals: Large discounts or exclusive offers from unknown sellers or unverified websites may be just that: too good to be true.
Phishing emails or fake websites: Fraudulent communications posing as reputable companies often contain typos, strange URLs, or requests for sensitive information, like passwords or credit card numbers and may be trying to steal your information.
Pressure to donate to charities: Fraudulent charities may appear during the holidays, often soliciting donations with emotional stories but providing little to no verifiable information about their legitimacy.
Suspicious shipping or delivery notifications: Fake alerts about package delays or additional fees, often requesting personal information, are designed to exploit the rise in online shopping that takes place during the holidays. Be vigilant and keep an eye out for unexpected notifications or misspellings.
What to do if you or someone you know is a victim of financial harm in Fife
Financial harm can lead to a decrease in confidence, deterioration of health, even loss of assets. This can have a lasting effect on individuals. While you may feel a bit embarrassed, it’s important to remember that it can happen to anyone, regardless of age or circumstance.
During 2023/24, the most common type of principal harm leading to an ASP enquiry with use of investigatory powers was financial harm. This harm type accounted for accounted for 23% of these total investigations during 2023/24. This remains almost the same as the previous financial year, indicating that awareness raising needs to take place in relation to this.
The best way to help combat the rise of this crime in the Fife area is to report it.
If you think you or someone you know is at the risk of harm, call the Adult Support and Protection line at 01383 602200. A Report of Harm form should also be completed and emailed to sw.contactctr@fife.gov.uk
Learn more about the warning signs and ways of protecting yourself against financial harm.
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