Latest information for advisers

Criminals never sleep. Sadly they are taking advantage of the Covid-19 situation. This is the time to be even more vigilant around possible scams.

As shocking and disturbing as fraud is, especially right now, we urge you to be especially cautious.

Scams come in many shapes, forms and disguises, whether they are about insurance policies, pension transfers or high-return investments. Make sure you do everything possible to safeguard yourself and your clients.

Phishing scams

What is a phishing scam?
A phishing attack is when a scammer sends a fake email that seems authentic. The email will often seemingly come from a familiar source such as business, colleague or industry body. They may also look very convincing, using the same formats and graphics from legitimate communications. The email may ask you to confirm personal information such as a password, or prompt to you open an attachment that will infect your computer with a virus or malware.

Unfortunately, scammers are taking advantage of people’s anxiety surrounding the outbreak of COVID-19. It’s more important than ever to be on the lookout for scams and protect both yourself and your clients.

What should you and your clients be looking out for?
Be wary of anything that asks for personal details. Don’t share any personal information that could be used to access your accounts. When you receive anything that asks for this information, stop and ask yourself what someone might be able to do with this data – no matter how simple it may seem.

There have been some specific cases of financial advisers being targeted by scammers. Earlier in 2020 there were reports of a ‘very realistic’ phishing email sent by scammers pretending to be the FCA.*

Scam phone calls
It’s also important to never respond to unsolicited calls that ask for personal or financial details. If you’re unsure whether a call is genuine its best to take the caller’s name, hang up and ring the company back via their main switchboard number.

Fighting financial crime
Here at LV= we have a team that fights financial crime. Learn more about how we are fighting financial crime on our customer website.

*MoneyMarketing - IFAs sound alarm over FCA phishing email

Support for your clients

We have lots of useful information on our customer website on financial crime and scams, including what to look out for to protect them from fraud.
The FCA’s ScamSmart is a useful guide to help customers understand the signs of pension scams.

Citizen’s Advice also has an ‘online scams helper’ to help people check whether something might be a scam.