HSBC warning of March spike in scams that saw £1.1m stolen in a month last year

14 March 2024 , 12:50

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HSBC UK said that nearly £1.1 million was reported stolen from its customers by impersonation scammers last year (Image: PA Archive/PA Images)

HSBC UK has issued a warning about a potential rise in impersonation scams this month, similar to the spike seen a year ago.

The bank reported that nearly £1.1 million was stolen from its customers by impersonation scammers in March 2023, with victims losing an average of £5,791 each. This total represents about one ninth of all impersonation scams reported to the bank throughout 2023, making March the peak month for such frauds.

As the end of the tax year on April 5 approaches, people may be expecting contact from HM Revenue and Customs (HMRC) regarding their tax returns, which could make some impersonation scams seem more believable. Scammers posing as HMRC through phishing emails, calls, and texts might try to convince people to send them money or steal personal details for future scams.

David Callington, HSBC UK's head of fraud, warned: "Crooks use every trick in the book to hoodwink their victims into sending money to them while pretending to be someone they know and trust, whether that is their bank, the police, their energy, broadband or mobile phone provider, or HMRC."

He added: "They are particularly active and pretending to represent HMRC in March, with people tending to be more susceptible because they may expect contact as it is the end of the tax year."

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Some scammers will send a lot of emails or texts to lots of people, hoping someone will fall for it. But some are more sneaky and know things about the person they're trying to trick.

Here are some tips from HSBC UK to help you avoid these scams:.

1. If you get an email, move your mouse over the part that says who it's from.

This should show you the real email address it was sent from, which can help you spot if it's fake.

2. If you get an email or message saying it's from HMRC, stop and think.

HMRC will never ask you for secret information like passwords, one-time passcodes (OTPs) or your Pin. You should also never share your HMRC login details.

3. Don't reply to anything you think could be a scam, don't click on any links and don't open any attachments.

4. If you need to contact an organisation like HMRC, only use phone numbers, links or web addresses from official websites or letters.

Lawrence Matheson