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How do I spot fraud and scams?

While fraud and scams are not new, advances in technology give criminals more ways to attempt to access your money. Knowing the techniques they use can help you protect yourself and your money.

Fraudsters are very clever and convincing, but there are warning signs that could help you identify them in the future.

  • An advertised item is priced under the recommended selling value
  • The seller makes extra effort in communication to push the sale through
  • The buyer sends you more money than they need to pay for the item, asking you to return the difference
  • A seller you don’t know or trust asks you to pay for goods by bank transfer
  • Marketplaces are a great way to buy and sell locally, but be cautious when buying an item that you cannot see in person. The seller may be using a fake profile, or if they have a website, it may not show their own buyer and seller protection information. Buying this way is high risk.

Fraud or scam?

In everyday use, the words fraud and scams are used interchangeably. However, we think it’s useful to use clear definitions. Fraud happens to you, scams happen with you.

Fraud is wrongful or criminal deception intended to result in financial or personal gain. Fraudsters access a customer’s account or take money without the customer’s permission.

A scam is a type of fraud, but where customers are tricked into taking actions themselves, which then gives a fraudster access to accounts and money.

Fraudsters gain the customer’s confidence and make them believe that the actions they’re being asked to take are for a legitimate purpose.

For information on specific types of fraud and scams please review the FAQs below:

Social engineering:

Buying and Selling scams:

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