25 November 2023
If you are covering this morning’s half year fraud report from UK Finance, please see the following release from Louise Cockburn security awareness and culture manager at Quilter:
Stay safe this Halloween with the CORPSE scam avoidance framework. As Halloween approaches, there's another kind of horror lurking in the shadows: scams. UK Finance have just released its half year fraud report in which it revealed that:
- Criminals stole £580 million through unauthorised and authorised fraud in the first half of 2023, a two per cent decrease compared with the same period in 2022.
- 77 per cent of APP fraud started online and another 17 per cent started through telecommunications networks.
- The financial services sector is at the forefront of efforts to protect customers from fraud, including partnering with other sectors, government and law enforcement to prevent and disrupt this criminal activity and bring perpetrators to justice.
Louise Cockburn information security awareness and culture manager at Quilter, below talks through Quilter’s CORPSE scam framework so that the only thing giving you a fright this year is trick or treaters.
Louise says:
"These six simple tests will keep your wealth alive. Don’t become a CORPSE."
C for COLD:
"If you are cold called cold, through any medium, consider it a scam. Authentic investment opportunities do not engage in cold calling."
O for ONLINE:
"Heard about a promising investment from an online advertisement? It's most likely a scam. The vast realm of the internet is rife with enticing scams waiting for their next victim. Avoid the allure; don't click that link."
R for RISK:
"An investment boasting "high returns with low or no risk"? That's a red flag. Genuine investments always entail risk. The myth of "high return, low risk" is just that—a myth."
P for PRESSURE:
"Feeling even an ounce of pressure to invest? Trust your instincts—it's a scam. A genuine investment advisor respects your autonomy and won't pressure you into making decisions."
S for SCHEMES:
"Trading schemes, no matter the asset, are a facade. There's no magical strategy to navigate the markets and earn guaranteed profits. It's prudent to equate SCHEME with SCAM."
E for ECHO:
"Have you been scammed before? Beware the haunting ECHO of your past encounter. Recovery scams and follow-on deceptions are real threats. Dishonest individuals maintain "suckers lists," and if they've tricked you once, they'll likely try again.
"As All Hallows Eve draws closer, let CORPSE be your guide to steer clear of the financial horrors out there. Stay vigilant, stay informed, and most importantly, stay safe."
