March may see a spike in impersonation scams, major bank warns

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A spike in impersonation scams was recorded by a serious financial institution in March final yr – and it warned that this month may see the same uplift.

HSBC UK stated that just about £1.1 million was reported stolen from its prospects by impersonation scammers in March 2023, with individuals being defrauded out of £5,791 on common.

The whole accounts for round one ninth of the worth of all impersonation scams notified to the financial institution throughout the entire of 2023 – making March the month when most impersonation frauds came about.

As the top of the tax yr approaches on April 5, individuals could also be anticipating to be contacted by HM Income and Customs (HMRC) to make clear particulars on their tax returns, the financial institution stated.

This will make some impersonation scams seem extra believable.

Scammers posing as HMRC through phishing emails, calls and texts might attempt to persuade individuals to ship them cash along with stealing private particulars that can be harvested to be used in future scams.

David Callington, HSBC UK’s head of fraud, stated: “Crooks use each trick within the e-book to hoodwink their victims into sending cash to them whereas pretending to be somebody they know and belief, whether or not that’s their financial institution, the police, their power, broadband or cell phone supplier, or HMRC.

“They’re significantly lively and pretending to symbolize HMRC in March, with individuals tending to be extra inclined as a result of they might anticipate contact as it’s the finish of the tax yr.”

Some scammers may have a scattergun method, sending a excessive variety of emails or texts.

However some can be extra focused and know particulars of their victims already.

Listed below are some ideas from HSBC UK to keep away from impersonation scams:

1. Hover your cursor over the sender area in any e-mail, which ought to present you the precise handle it was despatched from, serving to you to determine bogus correspondence.

2. When you obtain an e-mail or message purporting to be from HMRC, cease and assume. HMRC won’t ever ask you at hand over confidential data reminiscent of passwords, one-time passcodes (OTPs) or your Pin. You must also by no means share your HMRC login particulars.

3. Don’t reply to something you imagine may very well be a rip-off, don’t click on on any hyperlinks and don’t open any attachments.

4. If you have to contact an organisation reminiscent of HMRC, solely use cellphone numbers, hyperlinks or net addresses from official web sites or letters.