Five Banking Scams To Watch Out For In 2023 The latest threats to your bank account and how to avoid them The soaring cost of living will continue to provide an opportunity for criminals in 2023, with people more likely to try a ‘get-rich-quick’ scheme, take a punt on a risky investment, or plump for a supposed bargain from an unknown seller. Don’t risk unwittingly putting your money straight into the hands of a fraudster. Here is the Which? Money rundown of five banking scams to watch out for in the coming year - and how to avoid them. 1. Money mule requests Never let someone move money through your bank account in return for a fee. Criminal gangs try to recruit ‘money mules’ to launder stolen money using legitimate bank accounts. They usually target younger people via social media posts, fake job advertisements and targeted emails. However, Lloyds Bank recently reported a sharp increase in the number of money mules aged over 40. UK Finance said there was a significant increase
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