As many of us wind down over the festive period into the New Year, fraudsters are busy at work luring in unsuspecting victims.
The UK is currently in the grip of a fraud epidemic, from get-rich-quick schemes to unknown sellers tempting consumers with fake bargains.
The rising cost of living is forcing many people to seek alternative ways to save and make money, and fraudsters are capitalising on it. They will often trick victims into making quick bank transfers rather than using other, more secure payment methods.
UK consumer group Which? is warning against unwittingly handing over money and has identified five bank transfer scams to look out for next year.
Money mule requests
Money mule requests are when people knowingly or unwittingly let a criminal use their bank account to move stolen money. These will often appear on social media posts or via targeted emails.
Banking industry body UK Finance reported a significant increase in online user generated posts encouraging people to sign up to become money mules in its latest fraud report.
Read more: UK urged to watch for fraud as people aim to make extra cash in cost of living crisis
Tactics employed by money mules include sending funds “in error” which people are asked to return to a different bank account, asking people to apply for credit or bank cards on behalf of someone else,…
