Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money. If you have a question or need help, you can chat to them here.
Every year people lose money through scams. These can come from phone calls, text messages, postal letters and email, and usually involve somebody trying to gain access to your bank account. If you’re thinking you’re one step ahead of the scammers, take our quiz.
WRONG... The answer is The address starts with HTTPS
Look out for HTTPS:// and the padlock symbol
That's for a secure site, you should only ever enter your card details on secure sites. And use a secure WiFi network (not public WiFi) when you're banking or buying online.
WRONG... The answer is False
Don't save your login or card details and definitely don't share your passwords, passcodes or login details with anyone. If you have a bitcoin wallet on your phone, make sure you back up the keys too. Use more than one password at a time and change them regularly. Try to stick to combinations that would be hard for others to guess, avoid using your birthday, for example.
NextWRONG... The answer is ...get a phone tracking app
If you use a banking app or ApplePay, get a phone tracking app so you can secure your phone or delete your data if it goes missing.
NextWRONG... The answer is True
Set up text message alerts for bank transactions and ask your bank to alert you if your balance drops under a certain amount then you'll know straight away if something dodgy is happening.
Look over your bank statements regularly and if you see anything unfamiliar at all, even for a small amount, question it.
WRONG... The answer is There's no real way, but you can learn to recognise them
Learn to recognise scams and phishing emails that trick you into giving out your details. They often pretend to be from somewhere official (like banks or student loan companies), people who need help or someone you care about (like friends stuck abroad). Look out for:
Emails that only use your first or second name (not both)
Poor spelling and grammar
Anything that says it is really urgent or that you shouldn't tell anyone
Anything that tries to make you login through a link on the email (type the address separately and go through the banks official website)
WRONG... The answer is True
If your contactless card gets lost or stolen anyone can make payments on it up to £30 but if you're a victim of fraud you'll get your money back, so make sure you report it to your bank. You might be worrying about people stealing money from your contactless card by waving a device near your pocket this is an urban myth.
NextWRONG... The answer is In a savings account
A saving account is a pretty safe place for your money to be. You're protected from fraud and if your bank is UK regulated then you'll be protected up to £75,000 in the unlikely event that your bank goes bust. Money Saving Expert has some good advice on what to do if you want to store a large amount of money.
NextWRONG... The answer is No
If it looks like someone has messed with the slot where you put your card, don't use it.
Cover your PIN with your hand as you key it in.
Don't let anyone stand too close behind you or try to distract you. Wait until they have gone or walk away and use a different machine later.
Don't re-enter your PIN if the machine eats your card. Call your bank.
Keep cash in your bag or use a chain to attach it to your pocket if it's inconvenient to get at your money, thieves usually won't bother.
Well done!
Check out more articles about keeping your money safe here.
Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money. If you have a question or need help, you can chat to them here.
