Another certainty in life besides death and taxes

Death and taxes used to be the only two certainties in life, but you can now add scam calls, says interactive investor.

• Ofcom says almost 45 million people were targeted by scam calls and texts last summer. Nearly a million of these consumers followed the scammers’ instructions.
• All telephone networks involved in the transmission of a call will be expected to block numbers that are clearly spoofed under new proposals.
• Ofcom is also proposing new guidance to help companies prevent scammers from accessing valid phone numbers.

Commenting, Myron Jobson, Senior Personal Finance Analyst, interactive investor, says: “Death and taxes used to be the only two certainties in life, but you can now add scam calls to the mix – such is the prevalence of the issue.

“Ofcom’s proposals to tackle the scourge of scam calls are welcome and make sense. However, while it might be possible to block fake numbers, curtailing scam calls from real phone numbers isn’t going to be easy. Scammers could always acquire a new number.

“Tackling scams is a bit like fighting the fabled Lernaean Hydra: if you cut off one hydra head, two more grow back. We mustn’t rest on our laurels and remember that the buck ultimately stops with individuals to avoid falling prey to financial fraud.

“Scam calls have become a begrudgingly accepted part of everyday life and have mushroomed since the onset of the Covid pandemic, with crooks seeking to shroud their nefarious schemes among the uptick in correspondence by legitimate organisations relating to coronavirus measures. Anyone can fall victim to scams, so it is more important than ever to take care with your money and look out for the warning signs.

“Most mobile phone users have received calls from an odd-looking number they don’t recognise and have thought long and hard about answering. To play it safe, when in doubt, simply don’t answer. If you know the person, they can always leave a voicemail.”