Telegraph Money

The week's most important personal finance news, analysis and expert advice, from pensions and property to investment ideas and savings tips.

Pressure mounts on Google as scammers get savvier

Can anyone be trusted online? In a year when many have been more vulnerable than ever, scammers have devised a new method to con people out of their life savings.
We have learned not to answer our phones to unknown numbers and never to give away personal details when called out of the blue. But what do we do when even trusty Google leads us astray?
Fraudsters have been posing as helpful staff from banks and money transfer services to trick victims into handing over six-figure sums by setting up “copycat” websites. They run bogus helplines and advertise them via fake Google adverts, which means that people searching online for customer service phone numbers are clicking through to websites they think are those of legitimate companies.
Pressure has mounted on Google to weed out all the imposter firms as more and more diligent savers fall prey to confidence tricksters.
Our consumer champion Katie Morley came face to face with the con, fighting the battle for one Telegraph Money reader who was distraught after they lost 168,000 to call centre fraudsters. After initial resistance, TransferWise, the money transfer service, paid up the full amount. But sadly many who have been swindled out of their lifetime savings will never see their money again.
The good news is that banks could be forced to refund all fraud victims, as Telegraph Money revealed last week. In the next couple of weeks there will be an investigation into whether people who are tricked into handing money over to scammers should get mandatory refunds.
Until more protections are in place for consumers, you can always turn to us for help and guidance. Contact Katie Morley here if you need a hand holding a company to account, or email the Money team at [email protected].
This is the last newsletter of the year but we will be back in January with more essential news and finance tips. We wish you a merry Christmas and a happy new year.
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