Welcome, you’ve been enrolled at the Royal Academy of the Scamatic Arts, or RASA.
Here, you’ll learn the tips, tricks and cons needed to take people’s money.
While fictional, RASA has a serious point. Scammers are teaching and deploying a set of trusted techniques to manipulate, pressure and trick people. If we spend a few minutes learning these common tricks, we can go a long way to protecting ourselves. So, enrol below — because scammers really wish you’d flunk class.
Up to speed? Good. As you’ll now know, scammers have key red flags that it’s vital to look out for:
As you might guess, this involves someone pretending to be someone they’re not. That could be your bank, your partner, the taxman. They always have one thing in common: they want your money.
You can expect applied time pressure, often with the threat of significant consequences if a payment isn’t made — whether that be your partner stuck overseas, the taxman threatening jail, or just lost money.
These scams can be sophisticated, too. They may ring you from a number that appears to be your bank, demanding you download software so they can access your account. Do not do this.
Keep a sharp eye on correspondence. Usually any email address used by an impersonation scammer will be similar to whatever company they’re trying to be, although not the exact same.
Challenge whoever is contacting you. If someone is pretending to be your bank or financial provider, hang up and call back the customer support number. At Wise, we offer secure communication codes so you know you’re talking to us.
An impersonation scammer will ask you to transfer money to an account — red flag. No bank or financial institution will ask you to do this.
Concerned you’ve fallen victim to an impersonation scam? Contact your bank or financial provider urgently. Report the case to Action Fraud so it can be properly investigated.
Learn more about impersonation scams at Take Five .
This is where a scammer promises high returns for your money, only to then make off with your cash.
Sometimes the scammer will get in touch with you directly, adding you to a group chat, or sliding into your DMs. Often, victims will come to them. It’s common for the scammer to say that the opportunity is exclusive to you, and for time pressure to be applied.
Scammers may even offer an initial payout, encouraging you to then sink in more funds. However, at some point they will take your funds and fall silent.
Investing is tough, so anyone offering sky high returns with little risk should be viewed as fishy.
Concerned you’ve fallen victim to an impersonation scam? Contact your bank or financial provider urgently. Report the case to Action Fraud so it can be properly investigated.
Learn more about investment scams at Take Five. .
This sees a prospective employer offer you money for tasks, only to later request payment.
Usually, the scammer will set tasks that you supposedly receive payment for completing. These can be set via a sophisticated-looking interface, and payment can seem high compared to the work.
Sometimes, the scammer will pay you for your initial work, building trust.
However, at some point the scammer will demand payment. They’ll claim that this is so you can receive money you’re due.
To avoid this scam, undertake proper due diligence on any prospective employer. Search for their online presence; see if anyone has left public reviews about them. Never hand over your money to an employer.
Concerned you’ve fallen victim to an impersonation scam? Contact your bank or financial provider urgently. Report the case to Action Fraud so it can be properly investigated.
Watch out renters. Scammers can take your money, usually in the form of a deposit, in return for a supposed booking with a property. This could be a holiday rental or something longer term.
Scammers will request a deposit, often applying time pressure — especially if other properties are scarce and/or expensive.
To take the deposit, scammers will try to take you away from an official platform. For instance, if you’re messaging them through a site like Airbnb or Booking.com, the scammer will ask for payment into their account directly — usually saying it will be cheaper for you. They may try to move conversation away from these platforms, too.
Concerned you’ve fallen victim to an impersonation scam? Contact your bank or financial provider urgently. Report the case to Action Fraud so it can be properly investigated.
Bargain hunters beware. Marketplace scams are when goods you’ve bought are not delivered or arrive not as promised.
Offer seems to be good to be true? It likely is. Scammers reel you in with an enticing price. They’ll also ask for payment via bank transfer, or through a site that is largely unregulated.
Stick to trusted operators such as eBay, and keep an eye out for offers that don’t seem right.
Concerned you’ve fallen victim to an impersonation scam? Contact your bank or financial provider urgently. Report the case to Action Fraud so it can be properly investigated.
