Friday 9 August 2013

'Ringing the Changes' scam

Given the low interest rates available on bank deposits, some consumers are resorting to the old 'Ringing the Changes' scam as a way of supplementing household budgets.

If there appears to be a little more shopper engagement than usual ahead of you in the checkout queue, the following may help to illustrate the process:

A fraudster buys a small value item and pays normally at the cash desk.  This is not part of the scam as such but makes what follows look more genuine.

The fraudster then asks the cashier if he can change 10 x £1 coins for a £10 note.

The fraudster hands over 8 x £1 coins and receives a ten pound note in exchange.

At this state the cashier realises that there is only 8 coins and informs the person he is 2 x £1 coins short.

The fraudster apologises and then suggests to the cashier he gives her £12  in exchange for a £20 note.

If the cashier agrees the fraudster hands the cashier back her £10 note along with 2 x £1 coins in exchange for a £20 note.  The fraudster then leaves the shop with the twenty pound note leaving the cashier ten pounds short.

The people carrying out the scam appear competent in distracting the cashier with chat and hand movements to temporarily distract and put them off their guard,

NB. Given recent escalation in the amounts involved and the resulting police involvement, we would caution NAMs to resist the temptation to practice their finance-based selling skills via a dummy-run. In fact, best stick to demonstrating the value of trade-funding… 

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