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How to stay safe from Impersonation Scams

Wise
05.10.23 (updated more than 1 year ago)
Read time 2 minutes

Ahmed* had finished work one day and was rushing to catch a train. As he left his office he received a message from his son saying he had a new phone and giving him his new number.

Minutes later Ahmed received another message from the same number informing him that he was struggling to access his banking app on the new phone and was worried because he had to pay an urgent bill. Ahmed received a further message asking if he could pay the bill. Worried for his son and knowing he would pay him back when he could, Ahmed followed the instructions and transferred the money to the account. It was only after he had transferred the money and couldn’t get through to his son on the new number that he realised it was a scam.

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In today's digital age, scams have evolved to become increasingly sophisticated and deceptive. Impersonation scams in particular have become prevalent, with criminals posing as trusted organisations or even family or friends you know and trust. These scams can lead to financial losses and compromise victims’ personal information, and leave people feeling understandably vulnerable and mistrustful.

In this blog post, we'll explore what impersonation scams are and provide you with valuable tips on how to spot and avoid falling victim to them.

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What is Impersonation Fraud?

Impersonation fraud occurs when individuals are manipulated into making payments or disclosing personal and financial information to someone pretending to be a trusted individual or organisation. Impersonation scams can take the form of phone calls, text messages, emails, or social media communications.

The tactics used by criminals in impersonation scams are often convincing and play on emotions and urgency. They may claim your bank account is in danger, insist that you need to move your money to a "safe account," impersonate a police officer conducting an investigation, or pose as a friend or family member with a fabricated financial emergency.

Wise is proud to be part of the Take 5 scheme. For more information about how to avoid scams, go to the Take 5 website here: https://www.takefive-stopfraud.org.uk/

How to Spot Impersonation Fraud

Recognising impersonation fraud is crucial to protecting yourself from potential scams. Here are some common signs to watch out for:

1.Urgent Requests for Personal or Financial Information

Be cautious if you receive unsolicited requests for personal or financial information or requests to make payments, especially if they appear urgent.

Scammers will create a sense of urgency so that you feel pressured to act quickly and don’t have a chance to pause and reflect on the nature of the request.

Whenever you are faced with a request for personal or financial information - even from friends and family - take a moment to evaluate its legitimacy before taking action. Only criminals will push you into snap decision making.

2.Slight Discrepancies in Sender Information

Pay attention to the sender's email address or phone number, as scammers may use addresses or numbers that are slightly different from the genuine sender.

If someone you know, or someone claiming to be from your bank or the police asks you to move money, hang up, and call back using a known, trusted number. Scammers can manipulate caller IDs which makes it difficult to be sure who you’re speaking to.

If the call is legitimate, the person on the other end of the phone will understand your hesitation - don’t hesitate to hang up and confirm someone’s identity before giving out personal information.

3.Requests for confidentiality

Any call for confidentiality or secrecy, especially from a number you don’t recognise, should raise alarm bells. Legitimate organisations will never call you requesting your personal financial information and ask you to keep the conversation private.

Any attempts to dissuade you from talking to others about the request, or checking the identity of the caller should be an immediate red flag.

REMEMBER

Impersonation scams exploit our innate trust and pressure victims to act immediately, but with awareness and caution, you can protect yourself from these deceptive schemes. Legitimate organisations will never pressure you into hasty decisions or demand personal and financial information without proper verification.

Remember to always Take 5: stop, challenge, and protect yourself to keep yourself safe from potential scams. If you’re a Wise customer and think you’ve been scammed, you can report this and get in touch here.

*Example taken from the UK Finance’s Take 5 scheme: _https://www.takefive-stopfraud.org.uk/advice/general-advice/impersonation-fraud/ _

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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