Fighting Financial Crime
What is financial crime?
Financial crime covers a wide range of criminal offences including fraud, money laundering, bribery and corruption, terrorist financing and tax evasion. Financial gain is the primary motivation for these crimes.
How does financial crime impact you?
Everyone is a potential victim, financial crime awareness is key to your protection.
Financial crime is not victimless and can have an impact on people in multiple ways; not only financially through the increase in policy premiums, but also emotionally - for example in instances where identity fraud is committed, it can particularly affect the confidence of vulnerable customers in their ability to manage their financial affairs.
Vitality are acutely aware that our business and our members are all potential victims. Below are some examples of the types of fraud that individuals could fall victim to:
- Identity theft – always keep your personal details safe
- Ghost brokers - we sell some of our insurance plans through brokers and intermediaries but we only deal with FCA authorised firms. Unfortunately, fraudsters sometimes target the places where you look for a quote online. When searching for an insurance deal, be aware that if it seems too good to be true then it probably is
- Mass marketing fraud scam email – emails luring individuals to claim fake prizes or large sums of money, very often targeting the elderly and vulnerable
- Internet scams – scammers may attempt to install programs on your computer which steal, wipe or lock your data
- Pension scams - pension and investment scams are often difficult to spot as they're designed to look genuine and can take such forms as:
- Investment fraud – often taken the shape of a cold call/text offer for a free “investment or pension review”
- Pension liberation
How can I protect myself?
- Keep it secret. Consider your personal details to be as valuable as cash – in the hands of a criminal there is no difference
- Don’t give any personal information (name, address, phone numbers etc.) to people or organisations before first verifying their credentials
- Always protect your Vitality membership number and plan number
- Some fraudsters will "cold-call" armed with minimal information hoping to elicit a whole lot more. So, if you receive a suspicious phone call hang up immediately.
Below is a list of organisations and websites where you can find more information on how to safeguard yourself against financial crime:
The Pensions Advisory Service
Find out how safe your pension is and receive impartial guidance 24/7 from The Pensions Advisory Service
The Pensions Regulator's scam guide
Learn how to spot the signs of a fraudster and use the Pensions Regulator’s scams guide to protect yourself
Action Fraud's cyber crime guide
Need to report a fraud or cyber crime? Use Action Fraud’s guide to learn how.
Metropolitan Police's Little Book of Big Scams
Find out about the most common scams with this comprehensive guide on fraud prevention by the Metropolitan Police Service
The Financial Conduct Authority (FCA)
The FCA provide detailed information about how to protect yourself from scams and common ones to look out for
The Financial Conduct Authority (FCA): ScamSmart
Use the FCA’s warning tool to check an investment or pension opportunity you’ve been offered to avoid scams
Get Safe Online's free expert advice
Discover how to protect yourself, your computers and mobile devices, and your business with Get Safe Online
Get in touch
If you're a Vitality member and concerned that you may be a victim of fraud, get in touch with us through these numbers.