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The Guardian - UK
The Guardian - UK
Business
Zoe Wood

Fake savings ads: ‘One of the most sophisticated scams we have seen’

Worried woman checking messages on smartphone
Finance companies are being used by scammers to target savers’ cash. Photograph: Aleksandr Davydov/Alamy

With interest rates falling, you are hunting for the best home for your cash, so when an advert for a generous fixed-rate savings account offered by a leading financial brand pops up, you sit up and take notice.

But it is a scam – one where Britons are being tricked into depositing their nest-egg cash, only for the money to be siphoned off by fraudsters who are impersonating a financial company – in this case, the money transfer company Wise.

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