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Fraudsters Utilise PPI Scandal to Their Advantage

It has been revealed by police in Wales that some fraudsters are taking advantage of the Payment Protection Insurance (PPI) scandal by targeting vulnerable people and charging fraudulent admin fees for returning compensation. The Dyfed Powys Police said that some individuals had been contacted by people claiming to be able to refund them missold PPI as long as they paid an administration charge.

Speaking of the fraudulent operations, officials revealed that some vulnerable people had been contacted by phone and told that, upon paying an admin fee via legitimate money transfer service UKASH, they could receive hundreds of pounds in repaid PPI money. Victims were asked to call back with UKASH voucher codes that fraudsters then used to steal the vouchers monetary worth.

Dyfed Powys temporary detective inspector, Andy Wolley, explained, “Anyone who is asked to pay a fee to release money should automatically be wary. In cases involving UKASH vouchers, the victim may think it is OK because the fraudster leads them to believe that they will only cash the voucher after the victim has received the money allegedly due to them.” He additionally urged people to warn their friends, neighbours, and relatives.

Whilst such fraud is occurring, there are avenues for people to reclaim their cash legally through claim companies. With missold PPI having affected thousands of people across the UK, reviewing credit agreements taken out within the past decade could result in significant repayments and compensation.

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