Your Money: Are you a pro at spotting a con… or in the lap of the frauds?

WHEN do you think you’re most likely to fall victim to a scam? Well, new research suggests we’re particularly vulnerable when we’re emotional.

Looking at some common scams, NatWest worked with behavioural psychologist, Jo Hemmings, to investigate the techniques fraudsters use to exploit their victims.

They found that they often seek to exploit our emotions, by tapping into our personal hopes and fears.

Here are some of the most common cases, and the warning signs to look out for.

Online dating

Scammers use flattery and the manipulation of our innermost desires to gradually gain our trust and secure the information they need.

Spot the scam: A warning sign could be if someone you’ve met online attempts to move the conversation away from the dating website.

They might have a sob story, which results in them asking you for money. While you may feel like you’re being swept up in a big romance, take some time to stop and think, and perhaps consider discussing any warning signs with people who you know well and trust, such as close friends or relatives.

Scammers also often use someone else’s image online, so it may be worth doing an internet search to see if the photo actually belongs to someone else.

Booking a holiday

Scammers prey on our excitement at the prospect of a dream vacation and our eagerness not to miss out on the best possible deal.

Spot the scam: Watch out if you are asked to pay outside an official website – and be particularly cautious if you are asked to transfer money directly into someone’s bank account, as this could make it particularly hard to claw your cash back.

Check reviews across different websites, not just one, and be wary of anyone trying to pressure you into signing up to a “limited time” offer.

Bargain-hunting

Crooks play on our willingness to trust a hard-to-resist deal.

We like to think we’re savvy shoppers and by appealing to the bargain-hunter in us, they leave us little time to consider the situation and convince us to part with our money. In this instance, scammers also play on the implicit trust that purchasing online from a seemingly authentic website seems to provide.

Spot the scam: If something looks too good to be true, it probably is. Make sure you are buying from a genuine website and be careful how you pay.

Protections vary depending on different payment methods. For example, if you pay by credit card you may be covered under section 75 of the Consumer Credit Act if something goes wrong. Section 75 applies to items or services costing between £100 and £30,000.

Paying for goods and services

When scammers ask for advance or up-front payments, they capitalise on our fear of missing out, by making us worry that we will regret it if we don’t act fast.

Spot the scam: Pause for thought before parting with your money and don’t just assume someone whom you’ve never dealt with before is the genuine article.

Payment scams can happen when a request for payment is received from someone purporting to be someone senior in a company. Ask yourself whether this person is really who they say they are, and consider checking with the company they claim to be from.

For further advice on avoiding scams, visit takefive-stopfraud.org.uk