Scammers are targeting victims with new tactics, causing financial loss and mental distress. Ola Opoosun explains how organisations can protect themselves with the SCAM checklist

From convincing phone calls and text messages requesting financial information to elaborate online scams, scammers are always looking for new ways to catch people off guard.  

In 2023 alone, UK Finance reported that scammers stole £1.17 billion through unauthorised and authorised fraud. In fact, scammers target those who they perceive as more vulnerable, including the elderly, with data showing that an older person falls victim to fraud every 40 seconds.  

While the financial impact of scams can be costly, they can also leave people feeling embarrassed and unsettled and can have a lasting impact on our confidence, especially in a workplace situation. 

Three in ten (29%) say that being a victim of fraud has harmed their mental health, leading them to seek help with anxiety and depression.  

How can organisations stay alert to scams and prevent them from happening to themselves and their clients? The golden rule of avoiding scams is to be vigilant.  

Knowing what to look out for and feeling confident enough to check or challenge what you're being asked to do, especially where something doesn't feel quite right, is very important.   

If you ever find yourself in a situation where you’re unsure what to do, our handy acronym “SCAM” can help you put together a quick checklist to help you work out if a request for financial and personal information is genuine or not. 

S – Sender 

If you receive a message out of the blue, ask yourself: is it a complicated email address, or one that's familiar yet not quite right? An unknown phone number? 

Don’t assume that an email address, postal address, website or phone number is always authentic.  

Always stop and check the sender’s address or number to make sure it’s legit.

C – Chasing 

If you get a call out from someone requesting sensitive or urgent information relating to their account, it could be a scam.

Time pressure can be an obvious red flag as scammers might use tactics to convince you to make a hasty decision without thinking things through.

However, a trusted organisation would never rush you into make an important decision such as transferring money or sharing credit card numbers.  

Remember to stop and take the time to think through your decision and question if it seems like suspicious activity.  

A – Action 

An online, phone or email scammer will likely try one of a number of ways to get you to send money or personal information but it’s important to remember that a genuine organisation would never ask you for security details, especially out of the blue.  

M – Mistakes 

Scammers impersonate trusted companies, organisations and even people. If you receive an email or text with spelling errors or strange wording, these are tell-tale signs that can be a big giveaway that it’s a scam. 

Scammers are hoping that people will overlook typos. You should carry out an online search of the number or email address to see if it's legitimate before replying to the message.  

Falling victim to a scam 

It’s important to remember that anyone can fall victim to a scam. Falling victim to a scam is nothing to be embarrassed about.  

If you’re worried that you have been scammed online or through another method, your organisation’s financial security has been compromised, or you spot any fraudulent activity on accounts, involve your leadership team as soon as possible so they can contact the proper authorities and minimise risk to the company.

With scams becoming increasingly sophisticated, it’s important to be more vigilant and feel confident to check or challenge what you're being asked to do.  

Trust your instincts and remember “SCAM” to protect yourself and your organisation.  

Ola Opoosun is Head of Support Services at caba