Jobseekers lost an estimated £17 million to job scams last year, according to digital bank Monzo, with younger people particularly being targeted.
Monzo said that more than 10,000 customers reported falling victim to this type of scam which prompted it to launch a dedicated scam-detection tool. The tool uses behavioural analysis to spot payments that match the characteristics of common job scam tactics, such as repeated upfront fee requests or staged repayments.
Since its introduction in September, Monzo said the feature has reduced affected customers by 41% and cut money losses to fraudsters by 63%.
We spoke to Rich Bromley, director of fraud at Monzo, who has shared some useful advice about how to spot a job scam and the key red flags to look out for…
What is a job scam?
“Job scams are a growing form of fraud where criminals are posing as legitimate recruiters, hiring managers or well-known companies to target people who are potentially either looking for work or are potentially looking for a second job or a second income,” explains Bromley.
“Typically, the scams begin with unsolicited messages which could be via a text message or a social media platform.”
Who are they targeting?
“Our research found that the 25-34 age group is particularly being targeted by this type of scam,” says Bromley. “From a criminal’s perspective, what they see is an opportunity, of individuals who are potentially unemployed and are also potentially still feeling the impact of the cost-of-living crisis.
“What’s also quite interesting about this particular age demographic is that these individuals tend to be very active at using technology, especially social media, which creates that opportunity for engagement with these types of scams.
“Criminals are quickly disseminating content onto social media platforms and then once that engagement is created, they are increasingly sophisticated in the way that they to start to socially engineer an individual into believing that it is a real job opportunity.”
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What are some key red flags to look out for?
1. Unsolicited messages and job offers
“Be sceptical of any unexpected job offers or unsolicited reach outs,” advises Bromley. “If someone contacts you about a job out the blue – whether that be on WhatsApp, via a text message or on social media – when you haven’t applied for a role, treat it as a red flag.”
2. Quick, hasty process
“Slow down if the process feels too easy,” recommends Bromley. “Real employers won’t hire you after a chat for a couple of minutes. If there’s no interview, no video call and no discussion about your experience to really challenge if you are actually right for that particular role, then it could potentially be fake.
“These criminals rely on speed to stop you asking questions and they tend to put pressure on to get through these interactions as quickly as possible.”
3. Requests for payments before you start a job
“Remember that a real job pays you, you don’t pay them,” says Bromley. “We see a lot of criminals doing this as part of their routine. For example, they may ask you to send money upfront for software or for equipment or to unlock tasks which can then be collected online.
“From what we’ve seen in our research, these payments typically go to cryptocurrency accounts.
“If someone does ask for money, just pause and speak to a friend, a family member or a bank to be confident that this is a legitimate experience.”
4. Sounds too good to be true
“Always think to yourself, is this too good to be true?” recommends Bromley. “If they are advertising a job that is high pay for what is potentially low-effort work, challenge it and also speak to your friends and family.”
How can you protect yourself?
“We want people to feel empowered and to have the information they need to be able to say no, so if you’re ever unsure, tell someone you trust and contact your bank immediately,” advises Bromley. “Stopping that communication with a potential fraudster helps cut off the pressure and gives you the opportunity to be able to validate if it is what it appears to be.”
What should you do if you have fallen for a job scam?
“If you believe that you’ve been affected by a job scam, the first thing to do is contact your bank,” recommends Bromley. “We can help you in terms of reporting it to Action Fraud, to make sure police and law enforcement are made aware of what has happened.
“The more customers speak up about fraud and report it to us, the more we can share that information across our ecosystem to make sure that other individuals are not targeted by similar scams again in the future.”
