Misinformation- Preying on the Vulnerable
Helen Pettifer FRSA
Vulnerable Customer Trainer & Consultant | Workplace Suicide Prevention | Public Speaker
Misinformation: Preying on the Vulnerable
When we face circumstances that make us vulnerable, we often draw on external support to help us cope. The actions of the people or organisations that we turn to can help us turn things around, however, not everyone has our best intentions at heart. Some who claim to offer support are in it for their gain, worsening our risk of vulnerability and harm.
Supporting Vulnerable Customers
A situation of vulnerability is one where we face higher exposure to risk and stress. As such, we all face vulnerable circumstances during our lives. These might include being diagnosed with a serious health condition, relationship breakdown or getting into debt. At these times, it can feel overwhelming to deal with everything on our own, so we seek support.
Fortunately, many individuals and organisations actively help others to turn things around. These include informative online portals, charities and community groups that offer practical, emotional and social support. It also includes a growing number of companies that are introducing policies to better support customers facing vulnerable circumstances.
Unfortunately, many people and organisations actively prey on the vulnerable. They may appear to offer a welcomed solution, but they intend to exploit those facing difficult situations for their own gain. We believe it should be easy to spot a scam, a loan shark, a fake website or someone with ill intent, but the tactics used are increasingly devious.
Vulnerable to Misinformation
In addition to the convincing nature of many exploiters, the stresses associated with our vulnerable situation make it harder for us to retain and process information. What we want is an easy solution; one that doesn’t require more thought or effort than we deem necessary. We see what appears to be a reasonable answer to our problems and we go with it.
What’s more, in a position of desperation, we often feel under pressure to make a quick decision. As a result, judgements are made without due consideration. We want to believe what we are being told by that ‘helpful man’ or ‘kind lady’ so we are blinkered. What we believe to be the best or only option, may not be the one that leads to the best outcomes.
Vulnerability Predators
I recently read The Bureau Investigates report* about people in desperate financial situations being actively targeted by unregulated debt advisers through social channels and fake websites. In some cases, the online presence of legitimate charities is being replicated to draw people in. The investigators found that viable options for helping them build financial resilience were not mentioned or were disregarded. Instead, they were directed towards solutions that involve them paying hidden fees.
The individuals who end up in conversation with these vulnerability predators believe they are receiving sound advice from a trustworthy source, but the reality is that their situation is knowingly being made worse.
What’s more, the issue isn’t just faced by those looking for support online. In Swimming with Sharks** the Centre for Social Justice identifies that the majority of people that borrowed money from an unregulated lender knew them. They regarded the loan shark as a friend, someone they saw out socially. Or they were recommended to contact the loan shark by a friend.
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In this case, a sense of trust was in place before any conversation about money began. As a result, they felt no concern about not having a repayment contract in place or other formalities. Therefore, when faced with extortionate interest rates or threats of violence, they have no record of what has been paid or agreed.
How to Reduce the Risk of Increased Vulnerability
Whether directing others to support services or seeking them out ourselves, we need to be aware that misinformation, scams and fraud exists. Therefore, it is important to check the sources.
All genuine financial organisations are authorised by the Financial Conduct Authority and you can check if your prospective adviser or lender is on the FCA register: https://register.fca.org.uk/s/
When faced with a health condition or a change in life circumstance, contact organisations listed in information leaflets provided by professionals. Research information on websites and use their support services, however, if you are asked for financial details or other personal information, stop. Question what it is needed for and take time to think whether this is necessary.
Avoid paid adverts or social media posts that offer a quick fix solution to your challenges. In reality, there is a high risk that these will worsen your situation. Equally, question the intentions of new friends who suddenly appear with offers of help when they discover you are in a vulnerable situation.
If you feel pressure to make a decision or the offer feels too good to be true, back off and get a second opinion. There will be other options.
Building Resilience in the Face of Vulnerability
Unfortunately, there will always be those who seek to profit from other people’s vulnerable circumstances. However, there are equally plenty of genuine sources of support. The best option may require considerable thought and effort. This might not be as tempting as the quick win, but the outcome will be favourable.
By being aware of exploitation and checking that sources of support are genuine, we can reduce the risk of scams and fraud. Being cautious, rather than jumping on the first quick win that comes along can avoid an increased risk of harm.