Safeguarding
Looking after your mental health when receiving a large amount of money
Receiving a large amount of money can bring up strong feelings. Some of these feelings may be less welcome, like stress, worry and guilt. It is normal to feel overwhelmed.
Many people have a complicated relationship with money. This can be for many reasons, including:
- growing up where money was difficult to manage or unpredictable
- money not being discussed at home
- low confidence in making financial decisions
- not being sure how to manage money
If money causes you stress, worry or guilt, you can speak with a financial therapist or coach. They will talk through and help you understand how you feel about money. A financial therapist or coach cannot help you make financial decisions, like where to invest your money. There will be a cost associated with financial therapists or coaches.
If at any point you feel pressured, rushed or unsure that someone may not have your best interests at heart, you can discuss this with your claim manager or contact safeguarding@ibca.org.uk. Your claim manager and the IBCA safeguarding team are available to you as a confidential source of support to help you talk things through if you're worried about yourself or someone else. If we feel there is an immediate risk of harm, we may need to work with other organisations to support you.
Consider whether you feel confident making your own financial decisions, or if you would prefer to work with a financial adviser to help you.
See Financial advice for more information.
Bank safety
If for any reason your bank fails, the money in your account is protected up to a certain amount under the Financial Services Compensation Scheme (FSCS). If you have a National Savings & Investments (NS&I) account, all of your money is backed by the UK Government. See How much of your money is protected in your bank account for more information.
Help with managing your money
Your compensation payment is there to provide for you and your needs. You are entitled to decide how it is used and to take your time making decisions.
When you receive a large sum of money, it is common for friends or family members to want to help you decide what to do with it. You may also want an independent person involved in managing your money, like a financial adviser. This is because a financial adviser has to meet professional standards and will provide advice that best meets your needs. There are legal systems in place to make sure they do this, such as the Financial Ombudsman Service (FOS). See What to do if you are not happy with your financial adviser for more information.
Managing money can be complicated. This is especially true for your compensation payment, because there are special tax rules that have been created for Infected Blood Compensation Authority (IBCA) payments.
You may want to take financial advice before making any decisions, as some financial decisions cannot be reversed. For example, giving money to your family and choices you make around Inheritance Tax rules.
Spotting financial abuse
Financial abuse is when someone takes advantage of another person’s finances.
It is important to know the signs so you can protect yourself. Things to beware of are:
- someone taking your money, your things, or your benefits without your permission
- someone refusing to contribute to household or other costs
- someone controlling your access to your income, bank accounts or savings
- someone controlling your money and neglecting to provide you with the things you need (like food, heating, or social care services)
- someone scrutinising your finances and asking for proof of purchase to constantly check your spending
- someone taking out loans and building up debt in your name, or pressuring you into buying expensive things on finance
- pressure to make decisions about your money that you do not want to make
- pressure to transfer money, investments or property into someone else’s name
- being guilted or threatened into buying things or financially supporting someone else.
Sometimes, people close to you, such as family members, carers or people with lasting power of attorney (LPA) might try to use your money in ways you don’t agree with.
If you have concerns about how your money is being used, or about decisions being made on your behalf, it may be possible to review or change the LPA. This can be complex, and you should seek professional legal or financial advice.
If you are unsure or feel unsafe and think you may be experiencing financial or domestic abuse, you can contact safeguarding@ibca.org.uk for confidential support.
Lending money to family and friends
Money can be a very difficult topic when it involves family and friends. You might feel pressured by adult children, relatives or friends to give them money or take out loans for them. This can happen even if the person does not mean to cause any stress.
It is OK to say no if you do not feel comfortable giving or lending money.
You can contact safeguarding@ibca.org.uk or speak with your financial adviser if you:
- are worried about your financial safety
- feel pressured by someone you know
- feel guilty for not wanting to lend people money
If you decide to lend money to a family member, you should always put the agreement in writing. This should include how much money you are lending and when they expect to pay it back. Having a written plan helps protect you and your relationship with the other person.
If you decide to lend a significant amount of money to someone (for example, to help them set up a business) it is a good idea to speak with a legal representative first. They will help you create a loan agreement to protect you and your money.
Before you make a financial decision
You may want to consider the following steps before making any financial decisions:
- take your time to make decisions, and remember you do not need to act quickly – this is especially true if you might lock your money into accounts where you cannot access it
- if you feel pressured to make a decision, talk to somebody you trust before you act
- always double check who you are talking to, whether by phone, email or if someone comes to your home
- if you have to make a large payment, send a small amount first (such as £1) to make sure the details are correct
- a bank or legitimate company will never ask for your bank details – if you are asked for your bank details you should pause communication and report it to your bank immediately
If something feels suspicious or uncomfortable, you can say no, end contact, hang up or walk away. You can find information about current scams on the GOV.UK Stop! Think Fraud website.
How to spot fraud
Fraud can take place anywhere – online, over the phone and even on your doorstep.
Anyone can fall for a scam. There are many types of fraud and methods are getting more sophisticated. Most scams aim to make you act before you have time to stop, think and check if it’s genuine. Below are some of the known and potential scams you should look out for.
Phishing emails
Fake emails are designed to make you click on a false link, send money to the wrong place or share personal information like your login details. These emails might look like they come from your bank, a business you have used in the past, or even a family member.
One way to check a scam email is to check the sender’s email address. If it comes from a free email provider (such as Gmail) it is likely a scam. Even if the email address looks official, check for small spelling variations.
Fake texts
Fake texts are also designed to make you click on a false link, send money to the wrong place or share personal information like bank login details. Scammers can ‘spoof’ the mobile number they send messages from. This can make a text appear to come from a bank or person you already know.
In the ‘Hi Mum/Dad’ scam, scammers will try to trick you into sending money by pretending to be your child. The text claims your child has lost their phone and is texting you from a friend’s phone. This is a known scam, and you should not send any money. If you think it might be a real text, call your child on their number already saved in your contacts.
In the delivery scam, scammers will try to trick you into clicking a link which could steal your details by pretending to be a delivery company. The text claims your delivery has been diverted and asks you to click a link to update your details. If you think this might be a real delivery, log in to the website you placed the order with and speak with official customer service agents.
Phone fraud
Phone fraud is when someone calls or messages you, pretending to be someone you know or from an organisation you trust, such as your bank or the police. You should be suspicious if they ask you to share personal information, bank details or make a financial transfer. If you are not expecting a call or you are suspicious you should hang up immediately.
Fake online adverts
Fake adverts can appear on popular websites, search engines or in your social media feed. Fake adverts can look exactly like adverts from legitimate companies. If an advert seems too good to be true, it usually is. Significant discounts, free offers or language designed to panic you (like a warning that your device has been infected with a virus) are ways scammers use fake adverts.
Fake websites
Scammers often set up fake websites that look real. The website can look almost identical to a company you know. These websites might get you to make a payment for goods that do not exist. They might also try to infect your computer with a virus designed to steal passwords or other personal information.
To check if a website is secure, check the start of the website address (URL) in the address bar at the top of the page for:
- the ‘closed padlock’ symbol (you can find this to the left of the website address in the address bar, sometimes by clicking on an icon)
- https – the S stands for ‘secure’
You can also use a search engine to find the website you’re looking for. Check the two website addresses (URLs) to see if they are the same.
Doorstep fraud
Some scammers will approach you in the street or on your own doorstep. They might be pretending to be from a charity or a tradesperson telling you urgent work needs to be done on your property. The aim is to convince you to part with money for something that does not exist. It could be a scam even if someone has an ID badge.
It is your right to break contact, walk away or close the door.
Postal fraud
Scammers sometimes send physical post that claims to guarantee prizes, lottery wins and ‘get rich quick’ schemes. They often ask you to call a premium-rate phone number or hand over personal information such as your bank details or date of birth before you can claim your ‘prize’.
If you have not entered a competition, any post that says you’ve won a prize is likely a scam.
Artificial intelligence
Artificial intelligence (AI) is a powerful type of computer technology. It can think and act like a human, which includes copying the writing style of a company or bank. AI can also be used to copy the voice of someone you trust. This is called ‘cloning’.
If you receive any messages or calls asking for money, personal details or login information, you should end contact, even if it sounds like a person you know. You can verify who you are talking to using contact details you trust, like from an official bank statement or phone number already saved in your phone.
What to do if you think you are being scammed
If you think you have received fraudulent communication, stop contact immediately and contact fraud@ibca.org.uk or report it to the police online.
Contact the company or the person who contacted you by using independent contact details, such as looking up a company’s contact details online, or calling a phone number already saved in your contacts.
Do not reply to the email or phone number used to contact you as it might be fake.
Check your bank statements regularly to check for any transactions you did not make.
Financial advisers working with IBCA
If you are contacted by someone claiming to be linked to IBCA and you do not know who they are, or you are suspicious, you can contact safeguarding@ibca.org.uk who will help you verify their identity.
An IBCA-approved financial adviser will only reach out to you about your compensation payment if you have already been introduced to them by your claim manager.
If a financial adviser you do not know contacts you, it is likely that there is no connection to IBCA, even if they say there is. You do not have to work with anybody who contacts you. If you do want to work with a financial adviser, see How to find a regulated financial adviser for more information.