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Latest Financial News

Government cracks-down on scams

Monday, February 15th 2010

Some three million UK consumers lose £3.5 billion each year due to scams.

This is according to the Department for Business Innovation and Skills, which has announced a crack-down on online scammers.

Emails are the commonest way for cybercriminals to scam consumers, the Office of Fair Trading (OFT) has found.

Some 73 per cent of adults are reported to have had such an email in the past year.

Consumer minister Kevin Brennan said: "The internet is rapidly transforming the way we shop."

"It presents massive opportunities for consumers, but unfortunately it also harbours fraudsters who can leave consumers upset and out of pocket," Mr Brennan added.

By joining forces with the OFT and Trading Standards, the government hopes it can tackle the problem.

It was revealed that £4.3 million will be invested in this aim over the next three years.

Consumer Direct advises internet users that promises of something that sounds too good to be true usually hint that they are.ADNFCR-1794-ID-19616064-ADNFCR



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