Keeping your money safe
The difference between fraud and scams
What is fraud?
Fraud is when someone steals your bank or personal details, and uses them to authorise a payment from your account without you knowing. It'll be a payment on your account that you don't recognise.
What is a scam?
A scam is when you’re tricked into making a payment for fake reasons – by responding to a fake email, text or call. Scammers can impersonate people or organisations you trust, urge you to make a payment, and then steal your money.
The latest scams
It's always important to be vigilant with your money and who you share your personal data with. Here are some trending tactics that scammers are using to steal money.
And if you're ever in doubt, contact us directly and we'll help.
Impersonation scams
Scammers pretend to be from a trusted organisation (like a legitimate company, bank, or government department) – or pretend to be a relative or close friend – and they use urgency or fear to trick you into transferring money or sharing personal info.
To stay safe, always check the sender's email address or phone number, and never give out personal information over the phone or by email.
Investment scams
These scams promise high returns with little risk. But in reality, these sorts of investments don't exist. There are lots of scam investment deals designed to steal your money. Be wary of unsolicited offers. If you feel as though you're being pressured to make a decision to invest, this could be a sign of a scam.
It's a good idea to research the investment company on the Financial Conduct Authority (FCA) website.
Purchase scams
This is when you buy goods or services online or over the phone, and the seller never delivers – or sends you counterfeit items. Scammers may use fake websites or pose as genuine sellers on social media platforms. Be wary of deals that seem too good to be true. Instead, buy from reputable sellers, and check the reviews and ratings from other customers.
Money mules
Here, scammers advertise jobs that promise quick access to cash and are targeted towards younger people and students. These scammers then ask those who they've recruited (the mules) to set up a new account, so they can move money.
The mules are at risk of having illegal funds pass through their account. As a result, they may be reported to financial authorities, be unable to open accounts, take out mortgages or even get jobs later in life.
Phishing scams
Phishing is a type of email scam where a scammer will pose as a reputable organisation – like a legitimate company, bank, or government department. They will try to trick you into sharing your passwords and other personal details – either by asking you to follow a link or by calling a fake number.
Received a suspicious email from someone pretending to be Chase? Please report it by forwarding it to phishing@chase.com – then delete it.
Smishing scams
This method of cyberattack attempts to trick victims into clicking fraudulent links in text messages, all to steal their information. The link may also download malware, like viruses or spyware, onto the victim's device.
These texts may tend to masquerade as urgent requests from a bank or delivery service. It can be easy to fall for them if you think you must take quick action to solve an urgent problem.
Anyone using a UK phone network can forward suspected smishing texts to 7726.
How to keep safe
Here are our top tips to help keep you and your personal details protected.
- Be cautious of unsolicited emails, phone calls, or messages – and don't click on links, complete forms, or download attachments from unknown sources
- Never share your personal details. Legitimate companies and organisations will never ask you to share PINs or passwords – not even your bank
- Check if a website or business is real before making a transaction. Look for security features, like a lock icon or 'https' in the URL, and read reviews to avoid scams
- Be sceptical of offers. If it seems too good to be true, it probably is. Scammers offer discounted goods or monetary prizes to lure people into sharing personal information or making a payment. Always research before taking any action
- Keep track of your financial products: Make sure you keep an eye on your credit score to remind yourself of what financial products you own
- Stay up to date on scams: Familiarise yourself with common types of scams and learn how to recognise and avoid them. A good place to start is the Take Five website
Lost or stolen card?
If you've misplaced your card, or think it's been stolen, please freeze your card immediately. It's just a few taps in the app and will help prevent any further fraudulent activity.
You can always unfreeze your card if it's a false alarm.
We're here to help, 24/7
Have any concerns about fraud? Unsure if you should send a payment? Please don't hesitate to contact us via the Chase app. We’re always happy to talk.
Reporting fraud
It’s important to report fraud, scams, and cybercrime. Any information you provide can help build a bigger picture of criminal activity and make it easier to catch those behind it.
Here are some expert agencies that can help.
Action Fraud
The UK's national reporting centre for fraud and cybercrime.
Take Five
Straightforward and impartial advice to help you protect your money.
Victim Support
Free 24/7 support if you've experienced crime.
Metropolitan Police
How to report a crime and get advice.
National Crime Agency
Helping individuals and businesses to be more resilient to fraud.
Cifas
A not-for-profit organisation working to reduce fraud for people in the UK.