Fraud and scams

Security tips and information for personal customers

Below we’ve outlined some of the types of fraud and scams you should look out for, as well as simple tips on how to protect yourself. And in the unfortunate event that you do fall victim to a fraud or scam, we’ve laid out what to do and who to contact.

Some of the common ways criminals trick people into making scam payments are:

  • Investment scams - making a payment to a fake fund or investment.
  • Romance scams - a criminal starts an online relationship and then convinces you to send them your money, taking advantage of your emotions.
  • Purchase scams - criminals advertise goods or services online and get you to pay upfront, but your purchase never arrives.
  • Hi mum/WhatsApp scams - you get a WhatsApp message from the criminal on a new number pretending to be a family member and their phone has broken. They say they need urgent help with a bill or payment and ask you to make the payment.
  • Impersonation scams - the criminal pretends to be from a business you trust, such as your bank, a utility company, or HMRC. They tell you there's a bill or fine to pay, an overpayment to return, or that something’s urgently wrong and you need to move your money to a safe account immediately.
  • Payment diversion scams - the criminal contacts you by phone or email and pretends to be someone you trust, such as a solicitor or estate agent, with new bank account details to make a payment to.
  • Charity scams - criminals get you to donate to a good cause but the money goes to them instead.

Authorised push payment (APP) fraud - the criminals choice!

APP fraud is when you get tricked into making a faster payment (or bank transfer) directly to another account, and all of the above scams typically involve the criminal asking you to make a faster payment. This type of fraud has increased dramatically in recent years because criminals know that the money moves from your account to theirs in seconds. So within minutes of you making the transfer your payment has been withdrawn, and it’s unlikely you’re going to get it back.

Tips to protect yourself from fraud and scams

  • Never make any payment unless you are 100% sure you are paying the right person for the right reason.
  • If you’re paying a business check them out first, get reviews and comparable quotes, meet them in person, and never pay more than a reasonable deposit if you have to.
  • If you’re paying a person, whether it’s a friend or family member, call them to confirm new bank account details, and if you’ve never met them in person, get advice from someone you trust in your family.
  • Don’t pay for anything on social media platforms unless you've taken all possible steps to check the item and seller are legitimate. View the item in person, get any relevant documentation, compare the price of the item with others online, and if possible make the payment through the social media sites own payment service, as this gives you more protection.
  • No organisation like your bank, or HMRC, or the Police will ever call you and ask for a payment or tell you to move your money, so if you get a call like this it's a scam!
  • If you’re cold-called and asked to make an investment and the deal sounds too good to be true, check to see if the investment firm is on the FCA’s warning list, or whether it’s even FCA authorised.
  • If you've received an email or a phone call from an unknown or hidden number, giving you new bank account details for a solicitor or other firm you deal with, don't make the payment and call them on a trusted number immediately.
  • Never let anyone connect to your device, or get you to download software and if they already have, don't make any payments. This can allow criminals to see your screen or gain access to your online or in-app account and transfer money.

Remember, this isn’t an exhaustive list, and vigilance is needed at all times. Just because something isn’t on this list doesn’t mean it can’t happen, so if you have doubts, don’t make the payment.

What to do if you know or suspect fraud has happened

  • Do not continue to communicate with the suspected fraudster. Cease all communication immediately, whether this is by email, WhatsApp, SMS, phone call, or in person.
  • Contact the financial firm involved. If that's us here at Muloot Money, follow the instructions below to contact us as soon as possible. We need to be able to secure your account quickly to protect you.
  • Report the incident to the Police and Action Fraud. If you’re abroad when you are scammed, you should also contact the local law enforcement.

How to report any fraudulent activity or transactions to Muloot Money:

  • Call us on +44 (0) 345 266 8758
  • Send us an email at fraud@mulootmoney.com

Muloot Money is a trading name of Aspire Payments Limited. Aspire Payments Limited is a company registered in England, under the company registration number 09609407. Its registered address is 24 Nicholas Street, Chester, England, CH1 2AU. Aspire Payments Limited is registered with the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money, with Firm Reference Number: 900883. Aspire Payments Limited is registered with the Information Commissioner’s Office, with registration reference: ZB549487. Muloot is a registered trade mark of Aspire Commerce Group Limited.


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