The (Seasonal) Financial Scams You Should Be Aware Of
Ever received a dodgy-looking email that features a request to reply with your bank details?
Or maybe you've received a convincing message asking you to ‘click on this link’ or send money. It could seem like it’s from Amazon or even a family member.
In this guide, we share with you some of the many scams to watch out for during specific times of the year.
January – The Self-Assessment Scam
In January, look out for self-assessment tax related scams. At this time of year, tax scamming schemes can be rife, when we could be most susceptible.
Self-assessment scammers target taxpayers with fake HMRC communications during the key tax deadlines. And since the self-assessment deadlines fall at the end of January, you might notice more scamming attempts.
Those who are self-employed could be particularly at risk. They will most likely be used to receiving self-assessment emails and texts from HMRC. When a legitimate-looking email arrives in their inbox from a scammer, it's easier for them to get caught off guard.
The Gov.UK website makes self-assessment customers aware of similar scams as they exceed 200,000, with its article earlier this year.
‘HMRC responded to 207,800 referrals from the public of suspicious contact in the past year to January – up 14% from the 181,873 reported for the previous 12 months.’ states the piece, adding ‘More than 79,000 of those referrals offered bogus tax rebates.’
April and May - The Tax Refund Scam
All tax-payers should look out for similar scams which mention phrases like ‘You’re due a tax refund’ and ‘tax rebate’. These types of scams tend to increase in April and the surrounding months, preying on those that believe they are going to receive a refund.
So, look out for fraudulent emails, calls or texts which claim you are owed a refund following the end of the tax year. We highly recommend you read the gov.uk guidance for spotting HMRC scam communications.
August and September - Back to School Scams
During August and September, it's time to watch out for back to school-related scams.
Phishing schemes are set up to target parents with fake offers on school supplies, loans, or grants. During what is an extremely hectic time of year for anyone with kids, you could be more likely to be caught out.
The Action Fraud site provides some advice for older students, as well as their parents. After all, university students can be susceptible to all kinds of scams, as detailed here. Look out for everything from fake job scams to rental fraud.
Gov.UK also highlights the prevalence of ‘smishing’ schemes, which is a kind of fraud involving text messages. One of the most popular forms of scam, students are often asked to click a link to complete a task. This could include, states the site, ‘verifying bank details or confirming their personal information, providing an opportunity for a payment to be diverted to a scammer’s bank account.’
During the summer months, keep a close eye on scams involving holidays, concerts and key sporting events. After all, people tend to have many more plans during June, July and August.
The Money Saving Expert Site provides a guide to some of the key holiday booking scams to look out for, while Good Housekeeping highlights scams relating to concerts and events.
November and December - Black Friday & Christmas Scams
Arguably the biggest shopping months of the year, November brings ‘Black Friday’, while the run up to Christmas will sees people spend more than normal, too.
Black Friday sees consumers trying to take advantage of retailers’ top deals. This means scammers will certainly be on the prowl for their next victim; they’re well aware people are on the hunt for a bargain. Scammers could send printed communications through the post or target you by calling your mobile phone or landline.
Online shopping scams, in particular, will spike as consumers hunt for deals, though. The Take Five site has some advice about what to look out for.
‘Criminals will try to draw you in with huge discounts on items.’ states the site, adding: ‘Ask yourself – why is this seller offering it at such a low price? If a deal sounds too good to be true, it probably is.’
Other advice from Take 5 includes doing a ‘reverse image search’ on a product’s photos you spot on second-hand online marketplaces, ‘to check if the photo is being used in multiple places.’ This, says Take 5, is an indicator that the seller is not genuine.
Of course, scammers don’t just strike during the times of the year listed above; they’re always ready to make a move, especially when you least expect them to. So stay alert!
