In an ideal world, this isn’t a subject we’d need to feature on our blog. But, the reality is that thousands of people fall victim to financial crime every day. 

Scams today are becoming increasingly sophisticated, and in the age of digital money management, it’s more essential than ever to be aware of how criminals act, and what can be done to remain safe online.

At Chip, we want to give you the information you need to stay steps ahead of the criminals, so you can build your wealth securely. 

We’ve compiled this guide to help our community fight fraud.

‍More than a wealth-building app

We’re here to help you manage your money safely

Although you can’t send money to anyone else directly from the Chip app and you can only withdraw to your own bank account, it could be the case that you end up withdrawing funds to pay someone from your bank for a fraudulent reason. 

With this in mind, we want to provide educational resources and tips on recognising and avoiding common tactics used by fraudsters, ensuring you can build your wealth with confidence.

Some tips to keep you safe

‍How to be sure about the legitimacy of an email or call‍

When we get in touch with you to tell you about products, updates or general Chip information, it’ll mainly be via email (secure@getchip.uk, or hello@getchip.uk), in-app messaging, or push notifications. We sometimes send you an SMS, but these will only ever tell you to log onto the app and will never contain any links.

Scammers routinely use email and text messages to pry for personal details or to get you to click a malicious link, and will often try to impersonate financial institutions (such as your bank, or Chip), or people in your contacts list. 

Here are some of the key things to be on the lookout for:

• Suspicious email addresses: Scammers often use email addresses that mimic legitimate organisations, but may contain variations or misspellings. Always check who the sender is, that the domain matches the company website in any links (getchip.uk).

• Urgent or threatening language: If an email contains language designed to pressure you into making a decision, it’s most likely from a scammer. Fraudsters often try to create a sense of urgency.

• Requests for personal information: Chip will only ever ask for personal information for a purpose such as verifying your identity, or confirming the information we hold about you.

• ‍Requests for passwords or sensitive account information: This is a big red flag. Avoid any requests that ask you to send sensitive personal account information such as passwords, PINs, one time passwords, mother’s maiden name (etc...). Chip will never ask for this information outside of your app.

• ‍Requests for your full card details: Scammers want your full card details, including expiry dates, and your three-digit CVC number. To be clear, Chip will never ask for your debit or credit card information outside of your Chip app.

• ‍Requests for payment: Be extra wary of emails that request money or payments for goods, services, or fees. Again, Chip would never ask you to complete any transactions outside of your app.

• Poor spelling: Many scam emails contain spelling and grammar mistakes, unusual phrasing, or awkward language.

• Unsolicited attachments/links: Be very wary of emails from unknown/suspicious email addresses that contain attachments or links. They could contain malware/viruses, or link you directly to phishing websites. Check the URL to see if it’s a genuine request from Chip.

• Requests for remote access: Another common email scam asks you for remote access to your computer or mobile device, and will often claim to be from tech support or a company’s customer service team. Chip will never request remote access. We will never ask you to download an additional app or software.

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If you’re unsure if an email, call, app push notification, SMS (or any form of contact) is from Chip, you should always double check with our support team using your secure in-app chat, or email us directly using hello@getchip.uk. 

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Phone calls

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We may, on rare occasions, contact you over the phone for urgent requests. 

We will need to verify your identity using information we already hold on you, but we will never ask for sensitive account information like full card numbers, PINs, passwords.

Additionally, we won’t request immediate payment or threaten legal action over the phone. 

If you’re ever unsure about whether the call is really coming from Chip, hang up and contact us via email or via our app to confirm if the call is genuine. 

Common characteristics of fraudulent calls include:

• Pressure to act quickly: Fraudsters will often try to create a sense of urgency to pressure you into making decisions without thinking it through.
  
  
• Requests for sensitive personal information: If the caller asks for sensitive personal information, such as bank account details, passwords, PINs.
  
  
• Fee requests: Fraudulent callers sometimes demand upfront payment for services, taxes, or fees.
  
  
• Inconsistencies: One of the easiest ways to spot fraudulent activity is by recognising inconsistencies in the caller's story. If something seems off, end the call.

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‍Protect yourself with biometrics 

Keeping your app secure

It's genuinely wise to protect your mobile devices with a password or biometric login. As an additional security layer all Chip users need to create a 6-digit PIN to access their app.

Once you’ve created your PIN, you'll have the option to set up biometric logins using your fingerprint or FaceID for seamless and secure access.

‍Take Five to stop fraud

Chip supports the industry fraud awareness campaign ‘Take Five’

‍Take Five offers straightforward and impartial advice to help everyone in the UK protect themselves against financial fraud. 

Its goal is to raise awareness and provide advice on how you can protect yourself from scams, emphasising the importance of taking a moment to stop and think before parting with personal information or money.

‍We’re here to help

‍Please reach out to the team if you have any questions or concerns. 

If you are ever in doubt about communications from Chip being legitimate, send an email to secure@getchip.uk and our team will confirm whether the request is genuine.

Let’s build wealth, safely and securely, together. 

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