Does the rising cost of living put us more at risk of being scammed?

X Manx Newscast - News Interviews in Full

Monday, 14 August 2023 - 10 minutes

Have you had to make difficult decisions about your finances because of the rising cost of living?

We're all too aware of the impact increasing prices are having on households on the Island, but it's led to concerns this could force some to make short term savings, which are detrimental in the long term.

Earlier this month the Isle of Man Financial Services Authority began signposting towards consumer support, fearing also that the economic climate was leaving people vulnerable to fraud and scams.

The FSA says consumers continue to be stretched as prices rise across the supply chain, resulting in an increase in fraudulent activity globally.

It also fears financial pressures may force people to turn to unlicensed lenders, dip into savings or reduce their pension plans.

In this episode of the Manx Newscast, we hear from the Chief Executive of the FSA, Bettina Roth, and head into Douglas to hear whether you feel vulnerable to scams:

Does the rising cost of living put us more at risk of being scammed?

X Manx Newscast - News Interviews in Full

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