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Be aware of scammers trying to exploit the Coronavirus crisis

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During difficult times like these, it’s an unfortunate reality that new types of scam activity can appear.

The FCA has issued guidance on some new scams that have arisen during this period. It’s important to familiarise yourself with these scams to make sure you don’t fall victim to any of them. Some of these include:

  • ‘Good cause’ scams, where scammers will ask you to invest in good causes such as face masks and hand sanitiser production, often promising lucrative returns.
  • Cold calls, emails, texts or WhatsApp messages telling you that your bank is in trouble due to coronavirus and you need to transfer your money to an alternative bank account.
  • Scammers asking for upfront fees when applying for loans or credit cards that you’ll never receive, in an attempt to exploit people experiencing short-term financial concerns.

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