Consumers urged to be aware of financial scams this Christmas
Consumers urged to be aware of financial scams this Christmas
- Wednesday, 27 October 2010Consumers searching for bargains this Christmas should be aware of financial scams as they can get them into
debt problems.
Justin Modray of candidmoney.com, an independent website dedicated to helping people better understand and manage their money, stated that these scams tend to be more prevalent over the Christmas season.
That is because consumers tend to spend more money at this time, especially online, and the most vulnerable tend to be at most risk as they are more likely to fall for scams that seem "too good to be true".
He said: "When buying online try and stick to well established sites that you know, always checking your browser address bar to ensure you're on the actual site itself and not a copycat."
People should also ensure that they never give out their online banking passwords to anyone, Mr Modray added.
If someone falls for a scam they may end up faced with
debt problems as these fraudulent websites can steal money or borrow money in your name.
According to BBC Radio 4's Money Box programme on October 23rd, at least 5,000 consumers are being chased by debt collectors working for a payday loan company, for sums they did not borrow.

Recent Debt Management Plan News
56% of Brits have no life insurance which could leave family with debt problems
Wed, 04 May 2011More than half of UK adults currently have no life insurance cover, which could mean their loved ones are left with
debt problems when they die...
Brits thinking about retirement advised to seek debt advice
Tue, 03 May 2011Consumers considering their retirement options have been advised to seek professional advice, as they may end up with
debt problems in the future...
Brits planning to attend a wedding should start saving to avoid debt problems
Thu, 28 Apr 2011Consumers concerned about getting into
credit card debt to pay to attend a wedding may want to use their savings instead...
Couples planning their big day can avoid debt problems by negotiating a cheap wedding
Wed, 27 Apr 2011Couples-to-be worried about needing
debt advice in the future after paying for a wedding can ensure they avoid accruing
debt problems by negotiating a cheap wedding...