Christmas is an expensive time of the year but be mindful of scammers - Mark Fleet

Beware of scams. Christmas is a time when internet scammers are at their most active and falling foul of them can leave you out of pocket.

Some of the most common scams to be aware of are: 1) False tracking codes. If you receive an email with an alarming subject line urging you to click on links for supposed delivery updates, don't.

Use only the official app or tracking website provided by the retailer or delivery company.

2) Emails about wrong bank details. Another common scam involves receiving an email from someone posing as an online retailer, claiming there's an issue with a recent transaction and urging you to update your bank account details. If in doubt, contact the retailer directly.

3) Fake websites, discounts and offers. Fraudsters may send fake discount codes or sales offers containing unsafe links through text or email in the run up to Christmas - or set up completely fake websites entirely.

If it seems too good to be true, it probably is, so always confirm the legitimacy of an offer or business first and check out the reviews.

Look out for circling loan sharks.

At this time of year, financially vulnerable households may be tempted to turn to loan sharks or doorstep lenders to secure the funding they need.

However, with the high APR rates they charge often resulting in even worse financial problems, we would urge everyone facing financial difficulties this Christmas to avoid unscrupulous lenders at all costs and instead contact their local credit union, who can provide them with safe access to savings accounts and a wide range of affordable loans.

Make sure that you plan ahead. It's never too early to start planning for next Christmas so keep an eye out for credit unions offering savings accounts dedicated to the festive period.

By beginning to save as far in advance as possible, even if it's just a small amount each time, people can gradually build up a significant savings pot in time for Xmas 2024, eliminating the need to borrow money entirely.

Joining a credit union can be helpful. Christmas, a season of giving and goodwill, is the perfect time to join a credit union. With their community focus and non-profit status, credit unions play a key role in providing financial services to the most vulnerable in society.

By joining, you contribute to a collective that offers low-cost loans, encourages regular savings and promotes financial literacy.

Amid the holiday spending, your membership can help someone escape the cycle of high-cost debt and begin a journey towards financial stability. Leeds Credit Union is a financial cooperative with 37,000 members.

It marries perfectly with the season's spirit of togetherness and helping those who need it most.

Mark Fleet is chief executive of Leeds Credit Union.