SPOTTING SCAM RED FLAGS
The best way to learn the typical red flags associated with scams is through hearing other people’s
experiences — particularly family and friends.
If you want to equip yourself with the knowledge of these red flags. We’ve highlighted them for you below:
1. Unsolicited Contact: Receiving unexpected emails, messages, or phone calls from unknown sources, especially if they ask for personal information.
2. Large sums of money offered for little work: Offers that promise large sums of money, prizes, or deals.
3. Urgency and Pressure: Scammers often create a sense of urgency, pressuring you to act quickly without giving you time to think or verify the information.
4. Requests for Personal Information: Be cautious if you're asked to provide sensitive information such as your bank account details, or passwords.
5. Unusual Payment Methods: Scammers may ask for payment through wire transfers, gift cards, or cryptocurrency, which are difficult to trace and recover.
6. Requests for Secrecy: If someone asks you to keep the communication a secret, it could be a sign of a scam.
7. Inconsistent Contact Information: Check if the contact information provided matches the official contact details of the organisation they claim to be from.
8. Emotional Manipulation: Scammers may use emotional appeals, such as claiming a family member is in trouble, to manipulate you into acting.
Impersonation scams
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.
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 .
Investment scams
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.
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.
Employment scam
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.
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.
Rental scams
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.
The red flags to spot: An offer is too good to be true The property may be available when little else is — say a holiday rental when Taylor Swift is in town It may be priced at an enticingly affordable rate These properties will often appear as new listings and have few reviews.
Scammers will request a deposit, often applying time pressure — especially if other properties are scarce and/or expensive.
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.
Marketplace scams
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.
Take Five to prevent fraud
Wise is a proud supporter of the Take Five campaign. The campaign provides straightforward, impartial advice that helps prevent email, phone-based and online fraud. Its advice is simple, but hugely important: stop, challenge, protect — three steps that can be the difference between being scammed and protecting your money and yourself.
Next time you receive a request asking for your financial details, a payment or something else related to your personal details, take five and check each step.
Next time you receive a request asking for your financial details, a payment or something else related to your personal details, take five and check each step.
