At Chip, keeping your money safe is our number one priority. While we work hard behind the scenes to protect your account, there are also simple steps you can take to stay secure.
Fraudsters are constantly coming up with new tricks, but the scams our financial crime team sees most often fall into a few common patterns. Here’s what to watch out for, and how you can protect yourself.
Account takeovers
Fraudsters may try to gain access to your Chip account through lost or stolen devices, or remote access.
How to protect yourself:
Use a strong, unique PIN. Avoid using something that could be guessed (such as 123456, 000000 or your birthday), and don’t reuse it.
Check how to lock or suspend your phone if it’s lost or stolen. For example, Apple’s Find My Phone app will allow you to put your phone into “lost mode” from your computer or another phone. Android devices also have a remote lock feature you can activate from a browser. You only need to activate the feature in your device settings.
Keep your phone locked and set up biometrics (Face ID or fingerprint). Never share your passcode with anyone. When you unlock your phone with biometrics, you prevent a potential phone thief from watching you enter your PIN. This practice is known as “shoulder-surfing”.
Be cautious with remote access apps. Never let anyone persuade you to download software that lets them control your phone. Keep an eye out for unfamiliar apps on your device, accompanied by unexpected data usage, changes to your settings, overheating, battery drain and any other unusual activity. This can help you spot remote access software.
Never keep photos of your ID on your phone. If your phone is stolen, photos of your ID can be used to impersonate you.
If your phone is lost or stolen, or you’ve noticed transactions you didn’t make, contact us right away. We can then prevent any suspicious activity from taking place on your Chip account.
Job/task scams
Fraudsters may advertise fake jobs or contact you directly with an offer on social media or via text. The jobs will typically involve completing easy tasks, such as writing product reviews or engaging with content on TikTok etc. The trick is that, in order to complete jobs, you will be asked to pay a fee to “reserve” the task. Then, when it’s time to be paid, the money never arrives.
This type of scam is becoming more prevalent, and scammers have sophisticated ways of building trust with their victims, meaning it’s often too late by the time they realise they’ve been scammed.
How to protect yourself:
Be wary of job offers that sound too good to be true, especially those asking you to send money, share your account details or open new bank accounts.
Do research on the company offering you work. Scammers may use fake companies, or pretend to be existing ones. Make sure the company has an online presence and reach out to them directly if you want to confirm whether the offer is real.
Be aware that some scammers will send initial small payments to secure your trust. They will then exploit this by having you send them more money, which will not be returned to you.
Be cautious of any potential employer asking you to use cryptocurrency. Crypto is largely unregulated, and no genuine employer would pay you in crypto, or ask for you to send them crypto.
Keep in mind that a real employer will contact you through official channels and will never ask you to send them money.
If you think you may have fallen victim to this kind of scam, contact us right away. Do not withdraw any more funds.
Investment scams
Fraudsters might promise big returns on investments, including stocks and shares, crypto and high-risk assets. They’ll often pressure you to act fast and encourage you to invest as much as you can afford.
How to protect yourself:
Do your own research before investing. If you’re following advice, make sure the person you’re speaking with is a registered financial adviser, or is employed by an authorised firm. You can find out how to do that here.
Be cautious of anyone who reaches out to you directly. Legitimate organisations will never contact you first.
Avoid anyone who pressures you into investing quickly. Scammers will often pressure you to act fast, so there’s less time to scrutinise them.
Never trust anyone who offers guaranteed returns. A real adviser will always be clear that investing comes with risk, even if it’s low.
If you think you may have fallen victim to this kind of scam, contact us right away. Do not withdraw any more funds.
Authorised Push Payment (APP) scams
APP scams happen when fraudsters convince you to send money directly to them, often posing as your bank, the police or even a family member.
How to protect yourself:
Be aware that your bank and the police will never ask you to move money to a “safe account”. Your bank has the power to freeze your account if your money is ever at risk - once you move it, they can’t protect it.
Always double-check payment details directly with the person or company you’re sending money to. Never send funds to an account you don’t trust, or in a name you don’t recognise.
Some scammers may coach you on how to respond to your bank if they ask questions. You should never lie to your bank about the purpose of your transactions under any circumstances.
Think twice if you’re ever being pressured into sending large sums of money quickly. Fraudsters rely on making you feel panicked and under pressure.
If you think you may have fallen victim to this kind of scam, contact us right away. Do not withdraw any more funds. As Chip withdrawals can only be made to your connected bank account, please also contact the bank that directly sent funds to the fraudsters.
Romance scams
Fraudsters may try to build a relationship with you by pretending to be someone else. Once they have your trust, they’ll ask for you to send them more and more money.
How to protect yourself:
Be cautious of people you meet online. Fraudsters will create fake social media profiles to make you believe their false identity is real. Reverse image searching their photos might show that they were taken from other, real people.
Don’t send money to any accounts you don’t know and trust, especially belonging to someone you’ve only met online.
Look out for red flags, such as avoiding video calls and inconsistencies in their story.
Get to know who you’re talking to. Be cautious if things move too fast - fraudsters will seek to build an intense relationship quickly.
Speak to friends and family, and take it seriously if they think things aren’t right.
If you think you may have fallen victim to this kind of scam, contact us right away. Do not withdraw any more funds. As Chip withdrawals can only be made to your connected bank account, please also contact the bank that directly sent funds to the fraudsters.
A few final tips
Stay alert to calls and texts from unknown numbers, especially those asking for money, passwords, access to your device etc.
Let your Chip app update automatically, so you always have the latest security features
If you have been the victim of a scam, report it to Action Fraud as soon as possible.
If you ever have doubts about a payment, get in touch.
We’re here to help
If you ever suspect that you’ve been a victim of fraud, that you’re being targeted or something just doesn’t feel right, contact us right away through the in-app chat or at hello@getchip.uk and fill in our Fraud/Security Concerns form here. Our team is here to support you and take action quickly.
Together, we can keep your Chip account safe.