How to avoid impersonation scams

In today’s fast-paced world, scams are rapidly becoming more common, as fraudsters change their tactics to find new ways to obtain your valuable personal data.

In recent years, fraudsters have increased the use of impersonation as a method to try and catch out victims¹. This is known as impersonation fraud. These criminals have become more creative in their attempts to access your information and ultimately, your money. Impersonation scams often involve fraudsters pretending to be representatives from government, companies, or even individuals and as we witness these scams becoming more sophisticated, we’ve also seen their frequency increase. Countries have reported a rise in impersonation scams and related financial losses. In 2022 alone, the UK saw losses amounting to £177.6 million.²

Impersonation scam trends can include:

• Impersonating your bank: Fraudsters can pose as bank representatives to collect personal details and gain access to your account, often by convincing you to transfer money.
• Impersonating law enforcement: Law enforcement impersonations often result in some kind of request to send a transfer to an account controlled by a fraudster. More convincing fraudsters may even arrange for you to physically give over personal information as part of an investigation into an ongoing crime or ask you to participate in an investigation into your bank.
• Impersonating Investment Companies: Fraudsters may try impersonating members of legitimate investment firms, or acting for firms that do not exist to trick victims into sending funds to an account they control.

Keep an eye out for the signs

There are many trends to look out for as scammers develop their tactics with the intention of gaining your trust and luring you into sharing your information with them. Educating yourself on the types of scams about is key. Being aware of new frauds and tuning into fraud alerts from businesses and others will improve your ability to detect a scam if it happens to you.

We are all at risk of being targeted by a scammer, but there are ways you can minimise your chances of becoming a victim. Here are some tips to help you avoid impersonation scams and more importantly, help you keep your data and finances safe.

1. Stay alert

Monitoring your accounts and devices will allow you to recognise if any action or transaction seems out of the ordinary. Regularly check your bank transactions for any signs of unexpected transactions. If a transaction is not familiar or a new app has been downloaded without your knowledge, its likely someone else has done this and you should report this to the organisation immediately.

2. Verify who you’re talking to

Verification is an extremely effective method of preventing impersonation scams. Fraudsters are not always trying to impersonate you specifically, but may actually try to impersonate friends, family, and companies to obtain information or access to your devices. Don’t hesitate to question the authenticity of who you are speaking with. If you’re unsure, you can end the communication and contact the organisation or your friend/family member using a method you know and trust. It’s important to understand that scammers are very good at impersonating friends, family and companies, so you should always verify who you are talking to before clicking on any links or sending any personal information to them.

3. Don’t make it easy for scammers

Keeping your personal devices, such as your phone or laptop, safe is an effective way of preventing impersonation fraud. Never give anyone access to your personal devices or share your passwords. Passwords should never be written down. If you need to make note of your passwords, always use a secure password vault such as NordPass or 1Password.

Remember, scammers can also embed themselves into your software when you click on links and texts, so never open a link you do not know or trust.

Keeping your personal data safe and choosing who to trust with your information is key to staying safe from impersonation scams. Always look out for yourself and double-check that the person asking for your details is who you think they are. If you’re ever unsure, it’s best to keep your information to yourself!

Think you’ve fallen victim to an impersonation scam?

Any Nedbank Private Wealth client who thinks they may have fallen victim to fraud should contact us on +44 (0)1624 645000 between Monday and Friday, 8am to 8pm (UK time), except for UK public holidays.

For all other times, please call +44 (0)20 8167 3223.

For more information on how you can protect yourself against fraud, please click here.