Keep your savings safe! Hints and tips on spotting investment fraud

Information from the Financial Conduct Authority

The Financial Conduct Authority urges caution as they reveal the increasing risk of retirees being scammed via investment fraud.

Over-65s with savings in excess of £10,000 are three and a half times more likely to fall victim to investment fraud.

Investment fraud is often sophisticated and very difficult to spot. Experienced investors are often targeted.

Scammers may do one or more of the following:

  1. Make contact unexpectedly about an investment opportunity. This can be a cold call, email, or follow-up call after you receive a promotional brochure out of the blue.
  2. Apply pressure on you to invest in a time-limited offer.
  3. Downplay the risks to your money.
  4. Promise tempting returns.
  5. Call you repeatedly and stay on the phone a long time.
  6. Say that they are only making the offer available to you.

Do your own checks before investing; check the FCA Warning List and the FCA Register to see if those who are asking for your money are genuine.

Be a ScamSmart investor, visit scamsmart.fca.org.uk

 

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