13 May 2013

A 15-year-old has been caught up in a payday loan fraud. Student Simon Oliver was setting off on a school trip, but when he tried to withdraw cash at Gatwick airport, his card was declined. It emerged that someone had taken out a payday loan in his name, and the loans company had taken the cash back from his account.

So how could this happen, and should we be worried about this?

Protect yourself

There are some basic tips which will help prevent all types of bank fraud, such as keeping passwords and PINs safe - and never letting your card out of your sight.

When you give anyone your card details - whether on the phone or online - you should ensure that it's a company you know and trust. If in doubt - don't hand your details over.

You should also check your bank statements very carefully for all transactions you don't recognise, and then shred any old bank statements or letters from the bank before you throw them away.

And you should be very careful if you are contacted by anyone asking for any account details, passwords or account numbers. They may seem bona fide - they may even appear to be your bank - but it's best to err on the side of caution, and refuse to pass on details. You can always phone your bank or go into a branch to check if they need any information from you.

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