Fraud and Scams

Fraud and Scams

Think: it could happen to you.

As a client of Montgomery Associates, please remember you can contact us at any time for guidance and advice if you fear you might be the victim of a scam attempt or any fraudulent activity. If you are at immediate risk, such as your bank account being accessed by a fraudster, you should contact your bank immediately using the phone number on your bank card, or if your bank card has been lost or stolen you should report it immediately to your bank.

Fraudsters and scammers

The risk of falling victim to sophisticated fraud or a targeted scam is greater than ever.

In 2022 for example, of all the scams or ‘phishing’ messages reported, one third were posing as a bank or financial institution, while more than half were pretending to be a delivery company.

Ways to protect yourself

If you are ever in doubt, stop and think twice about the action you are being asked to take, whether paying an invoice via online banking, responding to an unusual text message, taking an unexpected call from your internet service provider or an “IT Support” company. Feeling under pressure to make a payment or being asked to do something unusual with your money or asking you to download an App could be a prompt to PAUSE to check with someone you trust such as a friend or family member before proceeding. As a client of Montgomery Associates you can call or email us for help if you need.

If you receive a call from an area code you don’t recognise, or a ‘hidden caller ID’ or simply from a new phone number, then be vigilant. It is quite possible the call may be genuine, but proceed with caution.

Often when using internet banking, you are sent a one-time passcode or password. Remember never to read this out to anyone over the phone, even if it comes from the person calling from your bank - a genuine provider will never ask for this. If your bank’s fraud department call you unexpectedly for example, think very carefully about what they are telling you before taking action.

If you are at all unsure, tell the caller you need to call them back as you are busy and retry using the number on the company’s website or, if calling a bank, use the number on the back of your bank card. Make sure you end the call yourself (do not rely on the caller hanging up) and if possible use a different phone to start the next call, or make a call to a different person first before re-trying.

These banks have dedicated ‘scam help’ sections of their websites:

Examples of attempted scams

These are just some examples of real-world scam cases that have been attempted on us and our clients in the last couple of years.

  • Text message from ‘your bank’ asking to click a link.

  • Phone call from ‘the fraud department from your bank’ asking you to log in to internet banking urgently to rectify suspicious activity on your account.

  • Email from ‘a friend’ asking for financial help while stuck abroad.

  • WhatsApp message from ‘your daughter’ asking to transfer money to their new bank with account details provided.

  • Email from ‘a colleague’ asking to approve an urgent payment.

  • Phone call from ‘BT’ warning of your internet service being cut off. In this instance, the scammer attempted to take control of the victim’s computer screen by sounding helpful and offering to help guide them to a website where the scammer asked them to enter a code so they could take control of their computer remotely to ‘fix the problem’. The scammer was not successful.

Investment Accounts

As a client of Montgomery Associates, you receive an extra layer of protection as a Transact customer: it is only possible to make a withdrawal from your investment account to a known pre-verified bank account in your own name.

When taking instructions from you we will ask you to provide these in writing and we may call you as well.

Bank Accounts

Banks will typically advise their clients to hold only a modest sum necessary for regular spending in their Current Account with a debit card connected to it. For any excess funds it can be good practice to hold these in a separate account - for example a Savings Account or Reserve Account - which is one step removed. These accounts typically (but not always) do not have a debit card connected to them making it more difficult for criminals to access.

Please contact us if you would like more information.

Take Five

“Take Five” is a national UK campaign led by UK Finance offering straight-forward, impartial advice that helps prevent email, phone-based and online fraud - particularly where criminals impersonate trusted organisations.

https://www.takefive-stopfraud.org.uk/

The FCA (our regulator, the Financial Conduct Authority) have also published their own ScamSmart webpage where you can learn how to protect yourself: https://www.fca.org.uk/scamsmart

[Last reviewed May 2024]

Sources:
Montgomery Associates
Office for National Statistics (https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice/articles/phishingattackswhoismostatrisk/2022-09-26)
Take Five to Stop Fraud (https://www.takefive-stopfraud.org.uk/)