THE NUMBER of scams is increasing as people continue to face financial struggles as a result of the high cost-of-living.

The cost-of-living crisis is making 2024 challenging for many. The FCA’s Financial Lives research reveals that 14.6 million people are finding it difficult to cope financially.

This leaves consumers susceptible to scams such as loan fee fraud, where they are asked to pay an upfront fee but then never receive payment.

Now, it’s even more important to take a moment to pause if you are looking for a loan.

Pause and do the 3-step check before you make any decision and avoid the scammers.

Cold called? Asked to pay an upfront fee? Pressured to pay quickly or unusually? Stop and protect yourself.

You can check if a company offering a loan is legitimate by looking at the Financial Services Register.

Roger Mapleson, Trading Standards and Licensing Lead at Wrexham Council, said: “As more and more people are beginning to struggle financially due to the high cost of living there’s a worrying increase in the amount of scammers that are looking to prey on those most vulnerable.

“Please be careful and if you are considering taking a loan please approach a registered lender or consider using a Credit Union such as the one based in Wrexham.

You can contact the Credit Union online.