Most common scams and how to avoid fraud revealed
GETTY - STOCK IMAGE NatWest have released the most common financial scams
The findings were released at an event in Westminster to raise awareness and minimise fraud. This was done in a bid to support an initiative from National Trading Standard called Friends Against scams. One of the best ways customers can help themselves is to learn the common tricks used by fraudsters and what to look out for.
We know scammers can be convincing and they work round the clock to persuade their victims to part with money Les Matheson - NatWest chief executive of personal and business banking
According to NatWest records, Nearly 7,000 customers have fallen victim to various scams since the start of 2017. The most common scam to look out for was "goods not received". This involves someone paying for items or services that never turn up. This scam accounted for 2,073 of cases seen by NatWest, or around three in 10 scams.
GETTY - STOCK IMAGE Nearly 7,000 customers have fallen victim to various scams since the start of 2017
NatWest warns that these scams usually happen on online auctions and marketplaces. In order for customers to protect themselves, they should check the item description carefully and read the website's dispute resolution policy before buying. Recognised, official paying services should be used, and customers are advised not to pay via direct bank transfer off-site.
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GETTY - STOCK IMAGE Scams usually happen on online auctions and marketplaces
Business customers should also be aware that they can fall victim to scams. Particularly, "invoice fraud" can cause substantially big losses. "Invoice fraud" occurs when a business receives a fake invoice that appears to be from a trusted trading partner.
In the invoice, it could say that payment arrangements have changed and that the customer should pay the outstanding balance into a new account. Businesses who fall victim to these types of scams lose, on average, £30,000 to this type of fraud. NatWest chief executive of personal and business banking, Les Matheson, said: "We know scammers can be convincing and they work round the clock to persuade their victims to part with money. "We have hundreds of people working 24/7 to detect and stop fraud, but it's very important that, as individuals and businesses, we know how to protect ourselves."
GETTY - STOCK IMAGE Businesses that fall victim to invoice fraud lose on average £30,000