Scam cold calls have become a begrudgingly accepted part of everyday life, causing financial and emotional distress to those who fall victim. Any effort to prevent fraudsters from infiltrating their way into people’s lives is welcome.
Scammers are adept at tapping into the cultural zeitgeist and exploiting the fear of missing out disposition to create believable stories that convince you to give them your money or personal details.Â
As well as a pounds and pence cost, falling victim to a financial scam has a broader psychological and emotional impact that can linger and cause distress well after the scam is over. Victims may feel violated and anxious, as their privacy is invaded, and they fall victim to deceitful tactics.
Trust issues may arise, making it difficult to discern legitimate calls from potential scams. There is anecdotal evidence that fewer people are answering their phones from numbers they don’t recognise in a bid to dodge scam calls. The danger is many legitimate and important calls from pharmacies, doctor’s offices or schools, could be missed as a result.
We must remain alert to potential threats that come in all different shapes and forms. We often overestimate our ability to spot a financial scam when, in reality, even those who consider themselves financially savvy aren’t immune to increasingly sophisticated scams.
Unfortunately, with so many fraudsters hiding in the shadows and escaping detection, the onus is on individuals to avoid falling prey to financial fraud – there is no getting away from it. We all need to be on our guard.
Myron Jobson is senior personal finance analyst at interactive investor
