Is Your Money Safe?

According to this years report from the Office for National Statistics, police recorded 1.3 million financial fraud offenses, which is an 11% increase from the previous year. With this ever growing threat and increasingly sophisticated scams it is more important than ever to protect your money.

The recent BBC Panorama investigation regarding Revolut reported on scammers taking tens of thousands of pounds from client accounts, which highlights the need for all of us to take proactive steps to keep our funds safe. Choosing the right financial institutions to use for banking and payments services is a fundamental part of this.

Here are our 5 top tips to consider when choosing who to use:

1. UK firms must be authorised and regulated by the Financial Conduct Authority (FCA) under the Payment Service Regulation 2017 for the provision of payment services in order to carry our regulated financial service activity. This can be checked via a quick online search on the FCA register.
2. Ensure their apps and online services utilise 2-factor authentication (2FA). 2FA requires two pieces of information to verify your identity, such as a password and a one-time PIN (OTP), SMS text, or fingerprint scan. This makes it much harder for hackers to gain access to your account. Sometimes referred to as 2-step verification (2SV) or multi-factor authentication (MFA) it is the most effective way to protect your accounts from cyber criminals, even if they know your password.
3. Ensure you have a verified point of contact you can reach directly by phone or email for queries or concerns. You can verify contact information independently from a reliable source (e.g., the official website or a regulatory body) rather than relying solely on information provided by the firm. Being able to pick up the phone and speak to someone you know to verify information you have received or report suspicious activity can help prevent you becoming a victim of fraud.
4. You may receive bank details by phone, email, an app or via an online platform. Make sure you always have the ability to check bank details via at least 2 of these methods. Ensuring that you call the company in question and confirm the bank details with a representative known to you is the most effective way to prevent email interception fraud.
5. Ensure the associated apps and/or online platform utilises a robust notification system and use it. Being notified of any and all activity on your account including login alerts, transaction alerts, payment notifications and password changes is essential for spotting and stopping fraudulent activity. Safeguarding your finances requires proactive measures and vigilance. By choosing financial institutions that prioritise security and offer reliable communication channels, significantly reduces your risk of falling victim to fraud.

Remember to always verify information, stay informed, and be cautious with your financial details. Your financial peace of mind depends on it.

At Crew Family Office, we are here to help Superyacht crew navigate their finances and make the right decisions. Click here for more information on the services we provide.