Money latest: Scammers take £240m in six months targeting pet owners - here's what to look out for (2024)

By Jess Sharp, Money team

Barclays has been criticised for making the "ludicrous" decision to limit how much cash its customers can deposit in a year.

Ron Delnevo from the Payment Choice Alliance said the move was a "disgrace" and accused the bank of trying to force businesses to stop accepting cash.

From July, the change will mean Barclays customers can only deposit up to £20,000 per calendar year into their personal accounts.

The limit will reset every January.

It comes after Natwest made a similar decision last year, capping deposits to £3,000 a day, or £24,000 in any 12-month period.

"The decision by Barclays is ludicrous. This is plainly an anti-cash move," Mr Delnevo told Sky News.

"It is trying to take free choice from people. It's like it is saying, 'if you are using cash, then we think you are a criminal'.

"It's a disgrace quite frankly and there is no excuse for it. It's just wrong."

Asked if he was concerned other banks could follow suit, he said: "Definitely."

He gave the example of someone selling a car for cash. "How would you deposit the money into your account?" he asked.

Barclays said the change was being made to help it identify "suspicious activity".

"We take financial crime and our responsibility to prevent money laundering seriously," a spokesperson said.

"We have contacted customers to let them know that from July we are making some changes to the amount of cash customers can deposit into their Barclays accounts.

"We have set the limit at an amount that will allow us to better identify suspicious activity, while still ensuring our customers have access to cash."

The UK's estimated 23 million pet owners are at risk of a new kind of scam, one that took nearly £240m in the first six months of last year.

Scammers are now targeting the most vulnerable owners – those who’ve lost their pets.

Fraudsters are turning to lost pet forums and websites to claim they've found missing pets, demanding a ransom payment for their return.

Figures from UK Finance reveal this type of fraud – known as Authorised Push Payment (APP), when a victim is tricked into sending money directly to a criminal’s account - cost British consumers £239.3m in the first six months of 2023.

James Jones, head of consumer affairs at Experian, has some tips on how to avoid the scam...

1. Never pay the ransom – If someone is demanding a large sum of money in exchange for your pet's safe return, call the police immediately. Never pay the money upfront, as it will most likely be a scam. Be sure to take a step back and analyse the situation.

2. Examine the photos - is it a fake? – In an era where the use of artificial intelligence to fabricate photos is becoming increasingly commonplace, spotting a fake is becoming more challenging. But if you do receive a suspicious photo, make sure to take a closer look to determine whether it is in fact your pet. To do this, check if the photo has been taken from your social media profile and reframed to pass as a recent photo. You should also check for any signs of photoshopping. This could be the way the image has been cut, or the lack of shadows. It is also always helpful to get a second opinion – what you might miss, another person could spot.

3. Spotting fabricated stories – Scammers may share specific personality traits you recognise about your pet to convince you they legitimately have it in their possession. However, they may be getting this information from adverts you’ve shared on missing pet websites, or even details shared about your pet on your social media profiles. Be extra cautious and question their authenticity.

4. Be careful not to overshare on social media – While sharing information of pets on social media channels is commonplace, this can make them a goldmine for fraudsters. Always be careful about posting personal details, such as your address, pet’s name, or your location in real time. This is all information a fraudster could use to their benefit. Even if you have a private account, you still need to be cautious, as fraudsters have sophisticated methods for obtaining personal information.

5. Avoid using your pet’s name as your password – The easiest password to remember is your pet’s name, but unfortunately fraudsters know this too. Of course, you need to be able to remember your passwords, but it’s vital not to make them too simple. The ideal password should contain a minimum of 10 characters using a mix of letters, numbers and symbols. As a rule of thumb, it’s also best to ensure you are using muti-factor authentication, when possible.

The British public donated some £13.9bn to charity last year, but higher earners who give to their chosen causes could be missing out on a tax break.

"Many may be missing out on the tax perks of giving to charity, which can help to reduce their tax bill and save them from tax traps,"Charlene Young, pensions and savings expert at AJ Bell, said.

There is some £500m of unclaimed Gift Aid rebates - which you could be eligible for - according to data seen by AJ Bell.

In order to get to the bottom of this, we need an understanding of Gift Aid.

Gift Aid

"Gift Aid is a tax incentive that gives a top up on donations from UK taxpayers to a UK registered charity or community amateur sports clubs (CASC)," Charlene explains.

Within the scheme, the government tops up the charity donation by 25% - turning a £100 donation into £125 for the charity or CASC.

"But there’s a tax break on offer for higher and additional rate taxpayers too - they can claim up to 20% or 25% on their donations," Charlene adds.

The bonus

Not only does the scheme mean charities can access more money at no extra cost - higher band taxpayers can claim some cash back.

This table shows how much you can claim back...

"Claims are usually made via a self-assessment tax return, but you can ask HMRC for a P810 form to fill in if you don’t normally file a return. You can also backdate claims for up to four years, so it is worth looking into this as soon as possible," Charlene says.

Although 94% of higher earners donating to charity have heard about Gift Aid, only 52% are aware they could claim a tax rebate on their donations, according to HMRC data.

That leaves expected unclaimed rebates at around £500m.

An example

Geoff, a higher rate UK taxpayer, pays £780 in charitable donations over the course of a year.

Gift aid tops this up to £975.

Geoff is eligible to claim back £195 (20% of £975) in tax relief from HMRC via self-assessment, or by contacting HMRC directly.

In total, this means the charity has received £975 - but it has only cost Geoff £585.

Avoiding tax traps

"If you're caught by tax traps, gift aid could help you lower your tax bill and put money towards good causes," Charlene says.

"You might be a parent who has gone over the £50,000 high income child benefit charge, meaning you'd start to lose child benefit [HICBC].

"Or if your earnings have breached £100,000 you start to lose your tax-free Personal Allowance at a rate of £1 for every £2, a whopping effective rate of tax of 60% on earnings between £100,000 and £125,140.

"Making a charity donation and claiming Gift Aid means the full value of the donation [what you pay plus the government top up] is deducted from the income that would otherwise count towards the £100,000 limit [or £50,000 for HICBC]."

ByJames Sillars, business reporter

The market reaction to Israel's attack on Iran is muted so far.

While Brent crude oil rose by 2% in response initially, it is currently just over 1% up on the day at $88 a barrel.

That is below where it started the week after Iran had launched its drone and missile strikes on Israel.

The future direction will probably depend on how Iran chooses to respond to events overnight.

Stock markets are also feeling some strain and, being Friday, we could see a rush to protect positions over the weekend later in the day.

Japan's Nikkei was 2.6% down though the Hang Seng was just 0.9% lower.

In Europe, the reaction was similar to that seen in Hong Kong.

The FTSE 100 fell 0.4% at the open - with small gains in energy stocks offsetting some of the wider hit to sentiment from events in the Middle East.

Travel-related stocks were seeing some of the worst pain due to the threat of disruption.

British Airways owner IAG shed 3.5% while easyJet was 2.3% off and Ryanair not far behind that figure.

By Ollie Cooper, Money team

It can be hard to balance getting nutritious foods that make you feel good without emptying your wallet.

In this series every Friday, we're trying to find thecheapestways to identify the healthiest options in the supermarket.

We've askedSunna Van Kampen,founder ofTonic Health,who went viral on social media for reviewing supermarket products in the search of healthier choices, for his input.

The series does not aim to identify the outright healthiest option, but to help you get better nutritionalvalue for as little money as possible.

Today we're looking at ketchup - which contains a surprising amount of sugar.

What's the worry with sugar?

"Reducing added sugars in your diet can lead to significant health benefits, including weight loss and decreased risk of heart disease," Sunna says.

"But fear not, ketchup connoisseurs: there's a way to enjoy your sauce and look after your health too."

How much sugar?

The average bottle of ketchup has around 4g of sugar per tablespoon.

If you're having a generous dollop of ketchup three times a week, you're adding more than 600g of sugar to your diet each year from one condiment.

"That's a whole lot of sweet for something that's supposed to be savoury," Sunna says.

"Another way to look at it is that you're having a teaspoon of sugar drizzled over your French fries - it feels wrong, doesn't it?"

The good news is there's plenty of options.

Avoiding premium ketchups can save your wallet and your sugar intake - they tend to up sugar content by 35% to more than 30g per 100g.

A standard bottle of Heinz contains 22.8g of sugar per 100g.

"Without getting into the taste debate, Heinz's rival Hellman's comes up trumps for your health by lowering the sugar content to 18g per 100g," Sunna says.

Heinz has created two lower-sugar versions: a 50% less sugar option (at 11g per 100g) and Heinz's No Added Sugar & Salt (4.4g of sugar per 100g).

"But watch out here," Sunna says, "as they do add artificial sweeteners in their place (sucralose)".

In his view, there are two newer challenger brands that deserve a mention as they cut sugar without the artificial additives.

"Dr Wills Ketchup using dates instead of sugar (15g per 100g) and Hunter & Gather keep the sweet stuff out entirely (6g per 100g).

So, he says, there is "plenty to choose from to suite your taste buds and health needs".

What does that look like over time?

Making small changes for your health can build up to a big impact over the long term.

"Going from standard Heinz to the brand's no sugar option will save you more than 500g of sugar a year in your diet," Sunna says.

The money

What's the cost?

"Surprisingly, opting for a healthier ketchup doesn't mean squeezing your wallet dry," Sunna says.

A bottle of Heinz No Added Sugar & Salt costs around £0.80 per 100g and is the most expensive.

The 50% less sugar version is cheaper at £0.54 per 100g.

That's only 4% more than the standard, more sugary version, which costs £0.52 per 100g.

"This way you'll save 32% on the price of your ketchup (compared with no sugar) and 50% of the sugar content for your health - that's a win-win," Sunna says.

"In the grand scheme of dietary changes, switching ketchup varieties might seem small. But it's these little tweaks that can add up to a big difference in your health."

The nutritionist's view -fromDr Laura Brown, senior lecturer in nutrition, food and health sciences at Teesside University

"I would say that yes, they are correct in that the focus should be health over money and the reduced sugar version does not make too much of a difference.

"Also, there is the option of making your own ketchup too, in which you could manipulate the ingredients to add more natural flavours that will reduce the need for the added sugar - provided it is consumed within a shorter space of time."

Read more from our series...

By Bhvishya Patel, Money team

This week, we've been speaking to some of Britain's struggling unpaid carers, hearing at times heart-breaking accounts of their physical, emotional and financial struggles.

In our final instalment in the series, a woman who cares for her daughter, son and husband says it is a "lonely job" and you often feel "looked down on" as she urges the government to "look at the bigger picture" when it came to help.

"I care for three people but I'm allowed to get Carer's Allowance once. The allowance is deducted from my Universal Credit so in effect I do not get paid for caring at all."

Suzanne Buckner, unpaid carer

Suzanne's daughter Charlotte, or Lottie as her mother and father Mark call her, was three when she was diagnosed with a neuroblastoma, a rare cancer that affects children and develops in early nerve cells, in 2010.

Her gruelling treatment left her with a number of healthcare problems, including the development of three benign tumours in her liver, non-autoimmune type 1, type 2 and type 3 diabetes and asplenia.

Charlotte, now 17, is also deaf and has severe back problems due to discs growing into her vertebrae.

"My daughter was told by her oncologist in December they didn't actually expect her to survive," Suzanne, 56, says.

Suzanne is also a carer for her son, 23, who has multiple complex conditions and her husband, 62, who has mental health conditions.

"It's an eclectic collection - one minute I'm a mental health nurse, then I'm dealing with behavioural problems and then it's just classic nurse," she says.

Suzanne receives universal credit of around £972 a month after her carer's allowance is deducted.

She says the carer's allowance earnings limit, set at £139 a week, means carers like her are "caught in this trap" where they can't earn above the limit for fear of losing their benefit money.

"I care for three people but I'm allowed to get carer's allowance once. The allowance is deducted from my universal credit so in effect I do not get paid for caring at all," she says.

"It's ridiculous because if I handed my family over to the state, can you imagine how much money it would cost?

"I sometimes think central government does not have the ability to calculate or look at the bigger picture."

Recently, Suzanne got "quite poorly" and was told to go to A&E after she was unable to get an appointment with her GP.

"I thought 'I can't go to A&E I've got to look after my family'. I think that's another area that's not looked at - the health and wellbeing of carers. It's a lonely job," she says.

"Even though I was sick, I was making sure Lottie was having her injections and medicines. You can't afford to feel.

"Emotionally it is hard because sometimes you can't fix the problem. There isn't a magic solution and you can't make a phone call.

"It doesn't matter to a degree how much money you've got, it isn't going to go away. If someone is poorly, they are poorly."

Suzanne used to run several companies, including an advertising agency, before becoming a carer for her family and now does telecoms regulation consultancy work when she can.

Holding down a 9-5 job is "not possible for most carers".

"Lottie getting cancer taught me so much about life - do not plan," she says.

"If she had to go to hospital today that means I have to change all the tutors she's having and it can happen overnight.

"Having a child with cancer is even more of a lonely thing because it's quite a rare thing. If she gets sick, life just turns upside down."

After undergoing chemotherapy, Lottie was left with a low blood temperature and therefore keeping the house warm is important, Suzanne says, which increases heating costs.

The costs can go up further if Charlotte needs to go to hospital as this means trips "all over the country" to hospitals in Birmingham, the John Radcliffe Hospital in Oxford and Great Ormond Street Hospital in London, increasing fuel and food costs.

'Less of a citizen'

Suzanne says there is "absolutely" a pressure on her finances and if it were not for the inheritance her mother left her, she "wouldn't be living".

"Both my husband's parents are dead and my parents are dead. I don't have siblings that live close by so I don't have any support," she says.

"I think the problem is, unless you've walked in somebody's shoes, you really don't understand."

Suzanne says there are some things central and local government could do to help, such as giving personal budgets through direct payments, which would allow carers to choose the support and help they needed.

"Personally I feel you get looked down on. People think you're only a carer, you get benefits, you're less of a citizen - that really annoys me," she says.

"I think the benefits system doesn't work. I'm not suggesting that all carers in the UK should be paid a certain amount, but they should be paid equitably so that people don't get to the point mentally where they say 'I can't do this anymore'.

"There need to be some serious, high-level debates and they need to involve carers in those debates.

"The government need to look at how much money they are wasting in the care system by doing the wrong things."

Speaking of her daughter's battles, Suzanne adds: " I don't know how she copes - I think she's an inspiration.

"She has to be pulled and tugged by doctors and have test after test, and she tolerates it all. Sometimes when I'm watching her have these tests I think to myself 'I don't know how she does it'".

Charity calls for review

Helen Walker, chief executive at Carers UK, says it is in the state's interest to support unpaid carers because "if a carer goes down then the state has to look after two people".

If you have to give up work to care, she says, "you are going to find yourself spiralling into poverty".

"Carer's allowance hasn't had a fundamental review for years so we would like a review looking at who is eligible for it, how it works and an increase to the amount," she adds.

"And also there needs to be an increase to the amount of hours you can work while caring.

"Social care is underfunded so it needs some real investment in order for unpaid carers to be able to care safely and well.

"What many carers will say is they need a break. It's not that they don't want to care, it's that they are exhausted. They are at breaking point."

A government spokesperson said: "Unpaid carers play a vital role in the lives of their family and friends, which is why from April we're boosting carer's allowance meaning carers receive an extra £1,500 a year compared to 2010.

"Those in low income households may also be eligible for additional financial support such as universal credit."

You can read the previous parts of our series here:

We've all heard consumer advice that's repeated so often it almost becomes cliché. So, every Friday the Money team will get to the bottom of a different "fact" and decide whether it's a myth or must.

This week it is...

'Solar panels in the UK are pointless given the weather'

For this one, we've got the help ofGeorge Frost, UK manager for sustainable energy advice firm iChoosr.

"With cloudy and colder days in the winter, it is natural for people to think that solar energy may not be as effective in this country - but this is simply false," he says.

Let's dive into it...

The basics

So how do solar photovoltaic (PV) systems work?

George explains: "Solar panels are composed of PV cells, which contain electrons that are energised upon contact with light particles, or photons.

"This energy is then directly converted into an electric current to generate electricity."

In simple terms: solar panels rely on the sun's light and not its heatto generate energy.

Like most electrical equipment, solar panels perform better in colder temperatures, as excessive heat can reduce efficiency.

"Solar panels will generate more energy on a crisp and chilly sunny day than on a hot, sunny day," George says.

The issue really lies not with temperature but with cloud cover.

Solar panels receive less sunlight if there is a high density of clouds.

Data suggests the energy generated drops significantly under heavy cloud cover, but George says that even on less clear and bright days, solar panels can still generate a "substantial" amount.

Battery storage can help make up for effects of cloud cover.

"By installing a battery alongside solar panels, any excess energy generated can be stored and utilised later in the day when the panels are no longer generating due to the absence of sunlight," George says.

"Although the winter months have fewer daylight hours, it's important to note that solar PV systems do not completely shut down on shorter and darker days."

The numbers

The ideal temperature for solar panel efficiency is between 1C and 20C.

National Energy Action data shows that the average solar panel can generate up to 3kWh of electricity on a sunny day.

A mildly cloudy day will produce 0.55kWh and a heavily overcast day 0.24 kWh, according to the Ecoexperts.

The typical UK solar panel system (3-4kW system, typically made up of eight to 12 panels) produces between2,450 and 3,000+ kWh a year, depending on orientation, location and weather conditions - according to Solar Together data.

The average British home uses around 2,700kWh of electricity a year, Ofwat estimates.

Myth or must?

It's a myth that British solar panels are pointless - and data shows the average panel system could in theory power your home almost entirely.

Solar Together caveats that by saying: "In practice, it's difficult for the average homeowner to install enough solar panels to power their entire home.

"They can, though, generate enough energy to power household appliances such as your TV and fridge-freezer."

Consider this myth busted - and think of the green impact too!

The duch*ess of Sussex seems to be soft-launching the first product from her upcoming lifestyle brand.

Influencers and friends of Meghan have been posting pictures of American Riviera Orchard's debut item - strawberry jam - in recent days.

Parenting campaigner Kelly McKee Zajfen has become the latest to promote the jar, posting an image of it in a basket of lemons and flowers on Instagram.

The duch*ess reportedly sent out 50 jam jars to online influencers.

Los Angeles-based fashion designer Tracy Robbins shared a photo of a jar - marked 17 out of 50 - earlier this week.

Megan has already launched the American Riviera Orchard website, but it does not feature any products and simply invites visitors to join a waiting list.

An Instagram profile has also been set up for the business, but just features several posts making up its gold logo.

"By Meghan, The duch*ess of Sussex⁣⁣⁣. Established 2024", is all the description says.

You can read more about when we first saw a glimpse of the product here...

Barristers and judges have the biggest gender pay gap in the UK, a study has shown.

Women in the profession earn just over 29% less than their male counterparts - around £8.31 an hour.

That's according to ONS data analysed by Claims.co.uk.

Financial managers and directors were found to have the second-biggest difference, with women paid approximately £11.56 less an hour than men in the same occupation.

"Perhaps in 2024, studies like this will raise awareness of the gender pay gap and precipitate change in these industries, starting with pay reviews," Claims.co.uk said.

You can see the 10 jobs with the biggest pay gaps below...

As the season for high pollen count is upon us, anyone who suffers from hay fever will be thinking about stocking up on their medication.

But this can mean the pocket takes a hit.

Branded tablets from pharmacies can set buyers back quite a bit, with Clarityn allergy relief costing £10.99 for 30 tablets. Piriteze is another common brand, priced at£11.55 for 30 tablets.

But most of these medications have identical properties, regardless of brand.

It's important to look out for the "active" ingredients - and then buy the cheapest option.

These include loratadine andcetirizine hydrochloride.

Supermarkets and discount stores can provide cheaper alternatives to the brand names.

Poundstretcher, for example, sells 30 loratadine tablets for 79p.

Supermarkets will often sell the branded versions alongside their own cheaper equivalents - so compare the ingredients before deciding which to go for.

Here are some examples:

• Asda: £2.50 for cheapest generic v £6.50 for cheapest Clarityn tablets
• Boots: £5.99 for cheapest generic v £11.55 for Piriteze, Zirtek or branded equivalent
• Boots: £2.75 for cheapest generic v £10.99 for Clarityn tablets
• Sainsbury’s: £2.50 for cheapest generic v £11.10 for Clarityn tablets
• Tesco: £2.95 for cheapest generic v £11 for Piriteze, Zirtek or branded equivalent
  
• Waitrose: £3.25 for cheapest generic v £11.85 for Clarityn tablets

There are no cheaper equivalent options for Benadryl tablets, but Amazon offers cheaper deals of £7.20 or £6.48 with Prime vs a standard price of around £10 from supermarkets.

Remember, certain options could seem cheaper, such as an option of 90p for 10 tablets vs £1 for 10 one-a-day tablets.

However, you'll need to keep taking the first option throughout the day, with the second option lasting you much longer.

You should only buy medications from legitimate pharmacies and shops, as they must adhere to certain standards and inspections.