Fraudsters constantly devise new methods to separate people from their hard-earned money. Follow these tips to safeguard your finances and personal information.
Understanding Fraud and Scams
What is Fraud? Fraud occurs when someone steals your bank or personal details to authorize a payment from your account without your knowledge. This results in a payment you don’t recognize on your account.
What is a Scam? A scam involves tricking you into making a payment for false reasons, often through fake emails, texts, or calls. Scammers may impersonate trusted individuals or organizations to persuade you to transfer money or reveal personal information.
Common Scams to Watch Out For
It's crucial to remain vigilant about your money and whom you share personal data with. Here are some prevalent scam tactics:
Impersonation Scams
Scammers pretend to be from a trusted organization, such as a legitimate company, bank, or government department, or even a relative or friend. They use urgency or fear to coerce you into transferring money or sharing personal information. Always verify the sender's email address or phone number, and never disclose personal information over the phone or via email.
Investment Scams
These scams promise high returns with little risk, which are often non-existent. Be wary of unsolicited investment offers and pressure tactics. Research the investment company on the Financial Conduct Authority (FCA) website to ensure legitimacy.
Purchase Scams
This involves buying goods or services online or over the phone, only to have the seller never deliver or send counterfeit items. Scammers may use fake websites or pose as genuine sellers on social media. Be cautious of deals that seem too good to be true and buy from reputable sellers, checking reviews and ratings from other customers.
Money Mules
Scammers target younger people and students with job offers promising quick cash. They then ask recruits to set up new accounts to move money. These mules risk having illegal funds pass through their accounts, leading to potential legal trouble and future financial difficulties.
Phishing Scams
Phishing involves email scams where fraudsters pose as reputable organizations to trick you into sharing passwords and personal details through links or fake numbers. If you receive a suspicious email from someone claiming to be CNDA, forward it to support@cndapay.com and delete it.
Smishing Scams
Smishing uses text messages to trick victims into clicking fraudulent links, which can steal information or download malware. These messages often appear as urgent requests from banks or delivery services. Forward suspected smishing texts to 7726 if you are using a UK phone network.
Tips to Stay Safe
Lost or Stolen Card?
If your card is misplaced or stolen, freeze it immediately using the app to prevent further fraudulent activity.
You can always unfreeze it if found.
Need Help?
If you have concerns about fraud or are unsure about making a payment, contact us via the CNDA app. We are available 24/7 to assist you.
Contact Us
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CNDA Pay are a co-brand of Payload Ltd, who act as a Programme Manager under Transact Payments Limited (TPL), a company which is incorporated and registered in Gibraltar with company number 108217 and registered office is at 6.20 World Trade Center, 6 Bayside Road, Gibraltar, GX11 1AA. Transact Payments Limited is a licensed payments and electronic money institution. Your account and related payment services are provided by Transact Payments Limited. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme, your funds will be held in one or more segregated accounts and safeguarded in line with Part 4 of the Financial Services (Electronic Money) Regulations 2020.
