Advice for Victims of Fraud And Scams
🚨 FRAUD & SCAM PROTECTION — WHAT TO WATCH OUT FOR
⚠️ INTRO — FRAUD & SCAMS IN FINANCE
Fraud and scams can catch anyone off guard. Banks and lenders have processes in place to help keep customers safe, but it’s also important for individuals to stay alert. This guide highlights common fraud risks, the steps you can take if something goes wrong, and useful tips on how to protect yourself.❓ FAQs — STAYING SAFE FROM FRAUD & SCAMS
- What scams should I be on guard for?
- Phishing emails, fake calls claiming to be from your bank, investment traps, push payment scams, and identity theft. Scammers are inventive, so staying aware is key.
- What should I do if I’ve been scammed?
- Contact your bank or lender straight away and ask them to investigate. Report the case to Action Fraud and keep any evidence such as emails, texts, or records.
- Can I recover my money?
- It depends on the situation. In some cases, banks may be able to reimburse you if certain protections apply. You can also raise a formal complaint and, if needed, refer your case to the Financial Ombudsman Service.
- Are lenders involved in fraud protection?
- Yes. Lenders put security in place, monitor accounts for unusual activity, and share guidance with customers to help spot scams early.
- What impact can scams have?
- Scams can cause financial loss, stress, and in some cases affect your credit profile. Acting quickly helps reduce the damage.
- What can I do to keep myself safe?
- Never share passwords. Question unexpected calls or emails. Use strong passwords, enable two-factor authentication, and stay informed on the latest scam tactics.
- What more can help protect customers?
- Clear anti-scam guidance, quick alerts from banks, robust fraud detection, and practical tips for customers all make a difference in preventing fraud.
Cifas Markers: Understanding the Two Types
The Two Types of Cifas Markers
The Cifas database tracks two types of markers: one for individuals who may have been victims of fraud and another for those suspected of committing fraud. These markers serve very different purposes:
- Fraud Marker (Suspected Fraud):
- This is a serious marker indicating suspicion of fraudulent activity.
- Having this marker can result in being declined for credit, including mobile contracts, and difficulties opening bank accounts.
- If you believe this marker is unfair, check out resources like Is your name in a fraud database? for guidance on disputing it.
- Victim Marker (Fraud Protection):
- These markers, such as “Victim of Impersonation” or “Victim of Takeover,” are protective.
- They alert lenders to perform additional checks if “you” apply for credit to ensure it’s not a fraudster using your details.
Do Victim Markers Affect Credit Applications?
James Jones from Experian explains that:
- Victim markers, such as “Victim of Impersonation” or “Protective Registration,” are included in your credit report but do not impact your credit score.
- However, lenders will see these markers and conduct extra checks during applications.
- While these checks might slightly delay approvals, they help ensure the application is legitimate.
Duration of Victim Markers
Victim markers remain on the Cifas database for 13 months. Most people appreciate the added security during this period, as it reduces the risk of fraud attempts using compromised personal details.
Protective Registration
If you’re concerned someone might misuse your personal information, you can proactively request a Protective Registration marker from Cifas.
- How it Works:
- A warning flag is added to your details in the National Fraud Database.
- Organizations using Cifas data will perform extra checks to verify your identity when an application is made.
- Cost and Duration:
- The service costs £30 and lasts for two years (you can request early termination).
This option provides peace of mind without needing to wait for fraud to occur.
