We all like to think we wouldn’t fall for a scam, but given that in the first half of this year, fraudsters stole more than £500m from us, there’s always the risk that sophisticated scammers will work out a way to part you from your money. One of the most subtle approaches is what’s known as authorised push payment fraud — where a criminal will trick you into sending money to an account — so we need to know how these scams work and how to protect ourselves.

They come in a number of guises. There are purchase scams, where fraudsters pose as sellers — usually on auction sites — selling items that don’t exist. There are also investment scams, which involve scammers persuading people to move their money into fake investments.

Then there are romance scams, where fraudsters pose as singletons on dating websites, and use fictitious relationships to get people to give them money. There’s advance fee fraud, where people are asked to part with money which they think will unlock a bigger payment.

Finally, there’s impersonation fraud, where criminals will pretend to be authority figures like the bank or the police, and claim their victim needs to move money to protect it from criminals. In fact, they’re persuading people to move cash into their account.

The good news is that rules introduced on 7 October improved your protection against authorised push payment fraud, because they give you the right to have up to £85,000 of money lost to this kind of fraud repaid by your bank within five days. However, this won’t cover everyone’s losses and doesn’t replace staying alert to the risks.

This week, Citizens Advice is running its Scams Awareness campaign, so it’s worth using the opportunity to get to get to grips with the six red flags that will help you spot a scam, and the six steps you can take to protect yourself.

Read more: When do people learn key money lessons in life?

6 red flags

1. Take care if it seems too good to be true — like an email telling you that you’ve won a competition you don’t remember entering, or an investment opportunity which guarantees sky high returns.

2. Be wary if you get an unexpected cold call, email, or text. Alarm bells should ring even louder if it’s tied into something that everyone is talking about at the moment – from news stories to tax deadlines.

3. Don’t believe calls, emails or texts if they say they’re an authority figure — like a police officer or someone from your bank. If they really are who they say they are, they won’t mind you checking.

4. Scammers will try to rush you into a decision. They might tell you that you have to act fast, and may try to make you panic. One common scam is to tell people they’re being defrauded by someone, and they need to move quickly to protect their money.

5. You might be asked to pay for something with a bank transfer or gift vouchers. This is because it’s so much harder to get the money back after you realise your mistake.

6. One major sign of a scam is that you’re asked for your personal details. None of your financial contacts will ask for this kind of information.

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6 steps to protect yourself

1. Start with the assumption that each unexpected communication is probably a scam. If you’re called out of the blue about an opportunity, the safest thing to do is to hang up. If you get an unexpected offer by email or text, ignore it.

2. If you’re worried about ignoring them entirely, cut the communication, and check their credentials. Hang up and contact the organisation using details from their official website – or dial 101 for the police.

3. Don’t rush into anything. Take the time to think about whatever they’re asking you to do. Talk to someone you trust.

4. Don’t hand over your personal details to anyone you don’t know — this includes people who you have only met online — even if you think you know them well.

5. If you are paying for something, use a debit or credit card, which will give you a layer of protection if something goes awry.

6. Spend some time doing some research if you’re considering investing. Ask where it will be invested and then compare it to long term averages of around 7-10% a year for shares and 3-5% for bonds. Bear in mind, there’s always a balance between risk and return, and if they’re offering a chance to beat the system, they’re scamming you.

Read more

• When do people learn key money lessons in life?

• The five essential pieces of financial paperwork you must never lose

• Why living in the moment is bad for your money

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