rising inflation. At the end of the second quarter of this year, Britain’s inflation rate rose to 2.5 per cent, the highest in almost three years, and many experts project this rate to escalate above 3 per cent in autumn.
Considering these factors, those relying on their savings for income are utterly frustrated, which makes them vulnerable to scams. “Consumers looking around for more attractive savings rates is a fraudster’s dream,” Gareth Shaw, head of money at consumer group Which?, told The Guardian. “With more people moving online to work, shop and bank since the start of the pandemic, and the ease in which scammers can post fraudulent content to attract would-be investors, consumers are at significant risk from this growing crime.”
Meanwhile, Raisin UK‘s co-founder Kevin Mountford noted that considering the savings rates that are currently being offered in the market, people should be suspicious of anything above 2 per cent, or those accounts which offer “significantly above-average returns”.
“Some people, unfortunately, do fall for savings account scams because they can look legitimate, and it’s becoming more and more common. What you don’t want to do is have suspicions and then ignore them, so even if something looks right, make sure you investigate fully,” he added.
