FRIGHTENED elderly people confined to self-isolation are captive prey for fraudsters looking to rinse them of their savings.
The coronavirus crisis has brought with it fresh scams designed to exploit people’s fear of the illness, and OAPs are prime targets.
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Struggling families who have seen their income drop are also at risk.
Here we look at some of the key con tricks to watch for.
BOGUS BROADBAND CALLS
“BT” scams, which typically target the elderly and vulnerable, are expected to surge as broadband networks struggle to cope with increased demand.
Fraudsters posing as internet providers such as BT call you to say there’s a problem with your internet and ask you to give them remote access to your PC in order to fix it.
They may then claim you are due a refund, and ask for your bank details or ask you to log into your online banking, so they can then arrange transfers of cash from your account to theirs.
Ashley Hart, head of fraud at TSB, says the fact that home broadband is likely to slow down slightly over the next few weeks as more people work from home is a gift to scammers — who can use it as a pretence to call victims while posing as BT or another broadband provider.
He says: “When people see the internet lagging they are more likely to fall for a call out of the blue saying, ‘I am from BT, you have had a speed problem and I can fix it for you if you allow me to access your PC remotely’.
It’s often the elderly who are victims of this kind of fraud, and they could be more vulnerable during the next few months as they self-isolate and are cut off from friends and family.
“Any threat to their broadband and phone connection, which will be their lifeline during this time, could cause panic that the scammers will seek to exploit.
“I would advise them just to hang up if they get any calls like this, and ring their provider directly if they have any concerns.”
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MALICIOUS MAIL
Scammers are sending out thousands of so-called “phishing” emails and texts promising help for those affected by the crisis — but they are really just attempting to obtain financial information.
Some do seem as if they are from official government site gov.uk — promising you tax refunds of up to £124 or updated safety advice if you click on a link.
Once you have clicked, your computer is then attacked by a bug that can access your stored information and passwords.
Another bogus email promising a tax refund directs victims to a fake HMRC website, which asks victims for personal details, including their name, address, phone number, mother’s maiden name and bank card number.
This will give scammers enough information to access a victim’s bank account or buy a financial product in their name.
Other messages claim taxpayers are due “travel levies”, owing to the grounding of flights, or refunds on a specific airfare — in the hope the messages reach people who have had travel plans cancelled.
A different scam is emailing potential victims while purporting to be from health authorities, and offering the recipient a list of local people infected with coronavirus, in exchange for Bitcoin payments
Michael Reitblat, of fraud prevention firm Forter, says: “Social- engineering scams, such as phishing attacks, most often target an older demographic.
“These individuals are typically less aware of security concerns and are also less likely to monitor the senders of emails.”
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SHAM SITES
Crooks have been registering thousands of potentially malicious websites using the terms Covid-19 or coronavirus, which are being used to either pilfer sensitive details from victims or infect their computers with malware.
Users are advised to avoid any sites with a corona term in the domain name.
Instead, stick to government and other reputable news websites for the latest news and advice on the outbreak.
In America, there have also been reports of fake fundraisers, promoted on social media, for real or bogus virus victims or charities — of a sort that could also catch out Brits.
If you donate online, check for red flags, such as grammar and spelling errors, images taken from news stories or social media, unknown charities or sales tactics asking for big donations.
SELLING SWINDLES
Fraudsters have already conned thousands of pounds out of people who attempted to buy protective face masks amid coronavirus fears.
The UK’s National Fraud Intelligence Bureau says ten victims had attempted to purchase protective face masks from fake sellers.
One lost more than £15,000, after the masks were never delivered.
TSB bank also reports sham “coranavirus home-testing kits” for sale for £24.99.
- SMISHING – where fraudsters “spoof” text messages to look like they have originated from someone they haven’t, eg the Government, World Health Organisation or your local doctors’ surgery. Don’t click on any links provided in text messages, and make sure you verify any phone numbers given before calling.
- PHISHING – emails or texts offering Covid-19 tax rebates from your travel bookings, safety advice and donation requests. These want you to click on dodgy links to sites that will infect your computer, or get you to submit sensitive personal and financial information. Never open attachments.
- VISHING – unsolicited phone calls, for example claiming to be from BT and saying your slow internet can be fixed. Don’t be afraid to put the phone down if you’re not sure. Call the organisation back on the number listed on its website – or if it’s your bank, use the number on the back of your card.
- Source: TSB
Cash Hack
STUCK indoors with the children? Online bookseller The Works is offering a bundle of ten kids’ picture books for £10.
Delivery is £2.99 or you can collect them for free from a store.
Paper cuts
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SELF-assessment taxpayers will no longer receive automatic paper returns, HM Revenue & Customs has announced.
Last year, the tax authority automatically sent out more than 500,000 returns, but it is looking to cut back on them and is encouraging people to file online.
HMRC stated that you can still file a paper return if you want to.
But to do so you will need to download a blank version or call HMRC to request one.
CORONAVIRUS CRISIS – BE IN THE KNOW
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Cash Hack
STRUGGLING families whose kids are eligible for free meals will be offered vouchers, food or meals during school closures, the Government confirmed this week.
If you are eligible, contact your school for more information.
Reader rescue: Make cash while stuck indoos
BORED Max Cook, 26, from Portsmouth, is self-isolating and looking for ways to make money from home, using his computer.
USE the time to move savings around to get the best interest rates. Virgin Money is paying 1.31 per cent on easy-access accounts.
LAURA, Rotherham
START a website about something you’re interested in which makes money through sponsored links and reviews. Once up and running, you can earn in your sleep.
TONY, Hornchurch, Essex
DECLUTTER your home and make a pile of items to sell once out of isolation.
DON, Tonbridge, Kent
DO online market research surveys, which can make a few quid a go. Try YouGov, OnePoll or Survey Junkie.
PETER, Inverness
WRITE a Kindle book. You can list it for £1.49 to £6.99 and earn 70 per cent on it.
SITAL, Northampton
MATCHED betting has been a great way to make money, although it’s harder now with so few sports events on. Use free bets offered by betting sites to back both teams and profit whatever the outcome.
ROB, Portsmouth
NEXT WEEK: Jade Perry, 32, from Doncaster, wants cheap ways to keep her kids, eight and six, entertained while off school. Email your tips to mrmoney@the-sun.co.uk and put Reader Rescue in the subject box.
Money makeover
NICK METCALF and Harriet James are saving for a rainy day.
Nick, 35, says: “It’s difficult times at the moment and we are unsure how to best make a return.”
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Nick works as a financial promotions consultant, while Harriet, 32, is a university administrator.
The couple live in Stoke Gifford, Bristol, and have a combined income of £80,000.
Nick says: “We moved into our house about a year ago and the aim now is to start putting some money away to save towards a bigger house and children.”
The pair have a combined savings pot of around £70,000 in a fixed-rate savings account with Monzo, paying 1.4 per cent.
Nick continues: “Harriet is great at spreadsheets – we have a social pot for coffees and dinners, and others for clothes, presents, holidays, car maintenance, etc.”
They also save money whenever possible by using cashback websites when shopping.
They are currently overpaying on their mortgage by £200.
They pay £700 a month for a 35-year repayment mortgage with TSB, on a two-year fixed-rate at 1.69%.
Their three-bedroom house, bought in January 2019, is currently worth around £335,000.
“It’s a very suburban area next to a train station,” Nick says.
“We really like it here and there’s enough space for one or two babies, and we will look at moving on then.”
ANSWER: NICK and Harriet seem to be on top of their finances.
But the couple face the growing problem of finding a cash savings account that pays a decent rate of interest – particularly with the base rate now slashed to 0.1 per cent.
The best shorter-term fixed rates available are 1.6 per cent for 18 months fixed with Investec, or 1.55 per cent with Shawbrook Bank for 12 months.
If the couple’s fixed-rate deal with Monzo is due to mature shortly then it may be worth switching to get a better return. It’s wise to stick to a fixed rate if they can, in the current climate – who knows where savings rates will go. Overpaying on the TSB mortgage is a smart move in the current climate.
The 1.69 per cent rate is better than any fixed savings deal.
I’d encourage the couple to carry on overpaying and possibly increase it if possible.
By overpaying, they will reduce interest charges and it will also help the couple knock years off their 35-year mortgage term.
Elsewhere, they could make savings by switching utility providers and other household bills.
But they are being financially sensible and should continue with this approach.
