Staying safe from fraud and scams

Everyday web use could expose you to opportunistic fraudsters if you don’t take steps to protect yourself.

Here are some simple tips for keeping on top of computer, mobile and tablet security.

Keep your computer healthy

Make sure you have active anti-virus software, and that your software and applications are regularly updated (patches and updates often address security issues in programmes and applications).

The P-word

Make sure your home wi-fi is password-protected – and be sure to use our tips in the password security section to make it a strong one.

Forget me, forget me not

If you’re using a computer which isn’t yours don’t tick the ‘Remember me’ option, and make sure you log out once you’re finished.

Public safety announcement

When connecting to a public network (in a bar or café, for example), make sure it’s one you trust. We recommend not connecting to public access networks whenever possible as they’re often a target for cyber criminals. If you’re in any doubt when you’re out, it’s better to connect using mobile data than public wi-fi.

Additionally, if you’re logging in to secure sites in public check your surroundings thoroughly to make sure no one is looking over your shoulder.

Click bait

When generally browsing the web, be careful not to click on any suspicious looking links or pop-ups.

Typical fraudster tactics include offers of prizes, threats, urgency or even blackmail, with messages like ‘You’ve won €1000! Click here to claim’, ‘your computer is under attack! Click here…’, ‘do this or your account will be restricted…’, or ‘you’ve accessed illegal content, click here to avoid legal action…’

Select security information carefully

When setting ‘security information’ (like answers to security or forgotten password questions) always be aware that any information you’ve shared via social media (or other web resources) may well be accessible to hackers and fraudsters.

Where possible pick questions that only you are likely to know the answer to.

The genuine article

If you’re visiting our website always type the address directly into the search bar or select it from a web search, and make sure you’re checking for these signs of authenticity:

• Invalid security certificates popping up in your browser could be a warning that you’re visiting an untrustworthy site. Ours are always valid.
• Check the URL. Fraudsters try different spellings, characters and punctuation to take you to their ‘fake’ websites. That’s why we recommend navigating with the address bar or a trusted search engine.
• Check the address bar or links you hover over contain ‘https://’ – this means the site and links on the page are secure.
• Check the locked padlock symbol in the address bar, this indicates that the data shared between you and the site you’re using is encrypted and secure. Some fraudsters have wised up to this and use encryption, so check for all signs of authenticity when visiting a website.

Sending funds securely

When making an overseas payment you should always have confidence in the legitimacy of the recipient of your funds.

Verify your recipient’s information and the reason for transfer, and never be rushed or pushed into moving funds if you aren’t 100% comfortable with the payment.

We like to talk currency, and we like to make sure our customers have access to all the insights they need to make an informed decision about their currency transfers.

This means we send several different types of email communications to our customers, from daily market updates, to transactional emails and product updates.

You’ve got mail

If you receive an email from Excel Currencies, give it a proper scan and make sure you’re confident it’s been sent by us before clicking any of the links within the email.

If there’s anything unusual about the communication or if you have any concerns at all, check with us by contacting your account manager directly or emailing support@excelcurrencies.com.

Things to look out for:

• The branding/design looks different – While our style has changed over the years and will continue to evolve, certain characteristics should always be present.
• You’ve received two emails in quick succession giving you alternative instructions – please get in touch with us on the methods mentioned above if you receive conflicting communications.
• The email contains a request which seems out-of-the-norm – we never ask for personal details through an email, threaten to change your account if you don’t click on a link, or ask you to provide your login details.
• Poor spelling and grammar – we can’t guarantee we’ll never send the occasional typo (we’re only human!) but an email rife with spelling or grammatical errors is a sign that something’s not quite right.
• The tone of the email is different – we’re never pushy or threatening. Always take your time when reviewing a communication or acting on one, fraudsters often try to scare you into acting quickly.
• You don’t recognise the signature or the address the email’s been sent from – our sender addresses will always end in @excelcurrencies.com.
• Links in the email direct you to unexpected places – our email links typically direct you to our own website. If you have any concerns, we recommend manually typing our web address into the search bar or logging into our online service directly rather than clicking links within emails.
• Unusual attachments – strange instructions to open attachments or download software could be a fraudster trying to sneak malware onto your device.
• You’re a winner – If you don’t remember entering a competition, the chances are you didn’t. If a communication claims you’ve won a prize for something you have no memory of, don’t pursue it. Contact your account manager or our customer service team and we can verify whether the prize is genuine.

Finally, never ever click on email links or attachments unless you’re 100% sure the communication is from a trusted source.

If in doubt, check it out!

Nuisance phone calls or text messages are nothing new, but phone scams can often sound convincing, and fraudsters attempting to contact you over the phone can be persistent.

Never let the person at the end of the phone put you under pressure or make you feel forced into taking fast action, and follow these top tips to protect your phone and text security.

Before you answer a call

Most mobiles are good at highlighting spam calls, but fraudsters are also good at appearing genuine with caller IDs.

If you have any doubts about the number calling you, put it through a search engine.

Alternatively, if you think a call is from Excel Currencies but you aren’t certain, check it against the number listed in the “Let’s talk” section of our website.

Once you’ve picked up

No matter what, never give out your passwords or key security information over the phone. It doesn’t matter who the person on the end of the phone claims they are — if they ask for your password or ask you to type anything into your keypad, hang up immediately.

Approach text messages with caution

We only send you SMS messages under specific circumstances — such as your One Time Pin (OTP) to activate your online account or notifications about rate alerts.

If you receive a text message asking you to reply with a password, call an unfamiliar number, or click on a link, ignore the message and contact your Excel Currencies account manager or our customer services team to verify it.

What to expect

Fraudsters prey on fear and try to cloud your judgement to get what they want. Some of the main tactics to be prepared for include:

• Creating panic – sending warnings about suspicious behaviour or claiming that “an unknown device has accessed your account”.
• Urgency – pressuring you to act quickly helps fraudsters avoid suspicion. Be cautious if you’re instructed to “call urgently” after being told you’ve “missed important calls”.
• Sounding helpful – using friendly, professional, or reassuring language to appear credible is a common tactic. Don’t be drawn in.
• Following up a text with a phone call – fraudsters often combine these methods to make their approach seem more legitimate.

While all the measures outlined in our online security section can help you protect your activities from fraud, Excel Currencies’ online service and app also include several inbuilt features for added protection.

Online service and app

PIN entry – We’ll ask you to enter your PIN at key points in the transfer process (such as adding a recipient or making a transfer). Never share this with anyone. Our staff will never ask you for this information.

Transactional emails – We’ll send you an email confirming any transactions you make, giving you a clear record of the latest activity on your account.

Your activity – You can view your recent and historic activity within the app and our online service.

You can also check all the devices that have accessed your account.

App only

Passwordless login – We’ll send a secure magic link to the email address you registered with, allowing you to log in safely without needing a password.

Biometric authentication – Depending on your device, you can secure your app using fingerprint or face recognition for an extra layer of protection.

Reporting fraud

If you notice something suspicious or think you may have been a victim of fraud, please let us know as soon as possible by contacting Excel Currencies on +44 (0) 20 7847 9400 or support@excelcurrencies.com.

Protecting yourself from fraud

We’re confident in the security systems we have in place, but it’s vital that you stay vigilant too.

Our Fraud FAQs provide lots of useful information about protecting yourself from fraud, while our Help with fraud section includes links to useful organisations.

Remember, an offer that sounds too good to be true, being asked to send money unexpectedly, or being put under time pressure can all be warning signs. Never send a payment if you have any concerns and contact us immediately — we’re here to help.

We cannot accept responsibility for funds sent to the wrong account based on the content of a fraudulent email, so always verify that any payment details sent or received by email are genuine using a trusted source.

Scams to watch out for

The red flags and warning signs to look out for can differ depending on the reason for your payment. Below are some of the main things to be wary of.

Payments to friends, family, or someone you’re in a relationship with

Instances of relationship fraud have increased enormously in recent years.

Be particularly careful about sending money to someone you’ve never met in person, especially if you made contact via a dating app. Are they asking for help with medical fees, housing, or travel costs? Are they genuine?

Also beware of impersonation scams, where you’re asked to send money to a family member who’s supposedly in trouble. Always contact that person independently to check that a fraudster hasn’t gained access to their phone or social media accounts.

Making payment for goods or services

Have you checked that the goods exist and that the supplier is genuine?

Be wary if you’re asked to pay a deposit or a large fee upfront, as this could be an advance fee scam. Where possible, always check online reviews and request an invoice before paying anything.

Have you met the supplier? Do they have a registered business address? Are the contact details vague (for example, just a PO Box and a mobile or premium-rate number)? Always verify that the person or business you’re dealing with is legitimate before sending a payment.

Paying estate agent or legal fees, or other bills

Fraudsters can intercept payments and redirect money to their own accounts, often by sending a fake invoice or email containing fraudulent bank details.

Always make sure the account details you’re paying into are genuine. Consider sending a small test payment first to confirm the funds reach the correct account. This type of fraud is particularly common in the property and real estate sector.

Funding an investment

If an investment sounds too good to be true — promising high returns with little or no risk — it may well be a scam.

Be cautious of any company that approaches you unexpectedly, and always verify that the property or investment actually exists.

Is the broker willing to provide identification? Does the company promoting the investment have a registered business address? Are the contact details vague? What do online reviews say?

If you’re being pressured to act quickly, pause. Always check the FCA Register for warnings about the individual or company and review the FCA Warning List. Seek advice from an FCA-regulated firm before proceeding.

Help with fraud

Who else can help?

You can also get advice and support from the following organisations:

• Take Five
• Action Fraud
• Which?
• National Cyber Security Centre
• Metropolitan Police – fraud advice

I think I’m the victim of a scam in connection with my account. What do I do?

Contact us as soon as possible on +44 (0) 20 7847 9400 or customer.s@currenciesdirect.com. Our customer services team are on hand to help 24/7.

You can also report fraud to the police via Report Fraud using their online reporting tool or by calling 0300 123 2040.

If you’re not based in the UK, inform the police or anti-fraud authorities in your own country.

I’ve lost my Excel Currencies multi-currency debit-card, what do I do?

If you’ve lost your Excel Currencies card you can freeze it immediately and report it as lost/stolen in the Excel Currencies.

What can I do to protect myself against fraud?

These are some key actions you can take:

• Keep all your personal ID documents (passport etc.) locked away and secure. The details in these documents can be used to steal your identity. Be extremely careful about who you share your personal details with as they can be used to set up accounts in your name.
• Never share answers to security questions or passwords with anyone and don’t write them down.
• If you’re sending money to us or to anyone else, double-check the bank account details before making the payment. Do this by getting the details direct from a trusted source. You can access our bank details securely through our online service and app. Consider sending a small payment first to check that the money has gone to the correct account.
• If you’re buying property or making an investment, check the validity of the property or investment opportunity. Be wary of glossy brochures, celebrity endorsements and big promises.
• Visit the Take Five to Stop Fraud website and read their advice on protecting yourself from scams.

The above isn’t a full list but it gives you an idea of the type of questions you should be asking. You’ll find more on this in our Scams to watch out for section.

How do I spot someone trying to de-fraud me?

We’ve listed a range of red flags based on different transfer requirements in our Scams to watch out for section. It’s crucial that you take the time to check that your payment isn’t falling into the wrong hands.