Financial scams, savings, pensions and investment

A financial scam was committed once every 15 seconds in the first half of the year, prompting a new campaign to highlight the risks.

More than one million cases of card, cheque, phone or online fraud were recorded from January to June, Financial Fraud Action (FFA) said. That was a 53 per cent rise on the same period last year. The FFA, which is funded by banks and payment card firms, is pushing advice to help prevent fraud. Losses are often refunded by banks, but not in every case. Many people are too embarrassed to admit they have been caught out.  Savers At a time when savings rates are reaching record lows, there are clearly far fewer ways of earning a decent return. Surprisingly, a current account could be a salvation for savers weathering the current climate, thanks to the rewards they offer. Moneyfacts.co.uk says that by making use of the Current Account Switch Guarantee (which has been in force for three years this month), spenders and savers alike could earn up to £220 in the first year when moving their account.