Beware of scams
British Business Bank (BBB) has been made aware of fraudsters purporting to be affiliated with BBB or with the British Business Investments (BBI). BBB or anyone associated with BBB will never request you to pay or transfer money by online payments or wire transfer.
It is important to be aware of common fraud threats, know how they work, and what to look out for which will then help to protect yourself or your business against falling victim to fraud.
Typical online scams to look out for
Affiliation Fraud (also known as impersonation fraud)
Relates to fraudsters impersonating an individual or organisation to gain trust and trick individuals or businesses into sending money.
At BBB, we have been made aware that fraudsters are exploiting our brand by using images and names of our staff from our official website to create fake Facebook and Instagram accounts or the fraudsters state on their fake accounts that they are linked to BBB in some way. These fraudulent profiles deceive consumers into believing they are interacting with genuine BBB employees or with BBB or BBI directly who can then facilitate investment transactions. The fraudster will ask for an upfront fee to be paid however once the fraudster has obtained the money, the fraudster becomes uncontactable, leaving the victims with no recourse.
Recovery Room Scams
Fraudsters often target previous victims who have already lost money in a scam, pretending they can recover lost money, for a fee, or offering fraudulent investment schemes. They rarely explain how they will recover the money, but you will not get your money back. Stay alert and cautious – do not respond to their messages or comply with any requests they make.
Phishing/Smishing/Vishing
This type of fraud relates to fraudsters sending emails/text messages or phone calls purporting to be from reputable companies to steal personal information and gain money. You should not click on any of the links in emails and you should always go to the direct website of the company, do not provide any personal or financial information without verifying with the company on a telephone number or email address you know is theirs, and be vigilant if you receive a communication which you have received out of the blue and did not expect.
Email Scams – What are the warning signs?
- Often, scam emails come from addresses that are slightly altered versions of legitimate ones or from domains that look unfamiliar. Check if the sender's email address is consistent with the organisation they claim to represent.
- Scam emails often use generic greetings like “Dear Customer” or “Dear User” instead of addressing you by name. Legitimate organisations usually personalise their communication.
- Urgent Language: Be wary of emails that create a sense of urgency or fear, such as threats of account suspension, legal action, or missed opportunities if you don’t act immediately.
- Unusual Requests: Emails asking for sensitive information, such as passwords or bank details, especially if unsolicited, are red flags. Legitimate organisations will not typically ask for such information via email.
- Spelling and Grammar Errors: Poor grammar or spelling mistakes can indicate a scam. Professional organisations usually maintain high standards for their communications.
- Suspicious Links or Attachments: Hover over any links to see if they lead to a legitimate website before clicking. Be cautious with attachments, especially if they’re unexpected or from unknown sources. Do not open links or attachments if you are unsure.
- Unusual Requests for Money: Emails asking you to transfer money, purchase gift cards, or wire funds to unknown recipients are often scams.
- Mismatch in Contact Details: Check if the contact details provided in the email match those of the legitimate organisation. Scammers often provide fake contact information.
- Inconsistencies with Known Communication Channels: If the email deviates from the usual format or style of communications from the organisation, it might be a scam.
How to protect yourself if you have fallen victim to fraud
- Stop all contact with the fraudsters immediately. Do not respond to their messages or calls.
- Contact your bank immediately. Inform them that you have been a victim of fraud, and they will take steps to help recover the funds on your behalf.
- If you have provided personal identifiable information – such as your name, address, date of birth, banking details or even a photo of your passport – you may want to consider Protective Registration. This precaution helps safeguard against identity theft, as fraudsters could use your information to commit further crimes. For more details, visit the CIFAS website under the ‘I’m an individual and I need help’ section.
- Report this to the Police via Action Fraud. You can report this via their online service, which is available 24 hours a day, 7 days a week. Their site can be found by googling Action Fraud or by calling 0300 123 2040 Monday to Friday 8am - 8pm or if in Scotland, then please contact the police via 101.
- If the fraudster has contacted, you via a social media platform then please ensure you report the fraudsters page directly to that social media platform.
- If you have clicked on links or provided the fraudster access to your computer, then open your antivirus software if you have it and run a full scan.
- Consider changing passwords if you feel these have been compromised.
If you have been a victim of a scam where the fraudsters purported to be British Business Bank or affiliated with British Business Bank then please contact us.
Reporting a scam
If you have been the victim of a payment scam, you can get a crime reference number by reporting it to your local Police station.
If you have clicked on a link, provided any personal data like your bank account details on a website or over the phone or you’re concerned that you’ve been compromised, you should also report the scam to Action Fraud, the national fraud reporting centre.
Please note: Police Scotland (via the 101 telephone service) must be contacted for scams in or from Scotland.
To report a spam text forward the text to 7726.
You may get an automated response thanking you for the report and giving you further instructions if needed.
You will not be charged for sending texts to 7726.
An easy way to remember ‘7726' is that they are the numbers on your telephone keypad that spell out the word ‘SPAM'.
*British Business Investments, British Patient Capital, Midlands Engine Investment Fund, Northern Powerhouse Investment Fund, Cornwall and Isles of Scilly Investment Fund and Start Up Loans are all brands, products, or programmes owned by the British Business Bank.