Major High Street banks are today sounding the alarm about a looming fraud epidemic as cruel scammers target people who have become ‘emotional and panicked’ about the rising cost of living.
Banking giants including Barclays, HSBC and Santander are imploring customers to be extra vigilant as crooks exploit economic uncertainty.
Financial watchdogs and consumer groups have also issued stark warnings amid a surge in scams that prey on households’ financial vulnerability.
Online scams: Banking giants including Barclays, HSBC and Santander are imploring customers to be extra vigilant as crooks exploit economic uncertainty
Ross Martin, the head of digital safety at Barclays, told Money Mail: ‘We have two sides to our brain: one is more rational and one is more emotional.
‘Fraudsters want us to operate with the emotional side — the one that causes us to panic and make decisions without thinking properly.
‘As people become worried about their finances, they move into that emotional state, which is a gift to scammers.’
Earlier this month, the Daily Mail revealed that households face a £6,000 increase in their bills this winter, as energy costs, food prices and mortgage repayments soar. It came after the Bank of England hiked interest rates to a 27-year high and predicted a recession would hit before Christmas.
And, just last Friday, the energy watchdog Ofgem announced its price cap would rocket to a devastating £3,549 a year for the average family from October…
