Remember back when we spent more time talking with people in-person? The global pandemic has caused a shift in our behaviour, both personally and professionally, and increased the number of electronic communications each person receives on a daily basis.
Sadly, this situation has also provoked a worrying increase in the number of scams. Fraudsters can be articulate and financially knowledgeable, with credible websites, testimonials and materials that are hard to distinguish from the real thing.
And the Fraudsters are becoming more advanced in what they say and how persuasively they say it.
We have collated some advice given by the Financial Conduct Authority (FCA) when it comes to recognising scams, and created a list of the main points to consider:
Reject unexpected offers: If you are contacted out of the blue about an investment opportunity, chances are it is a high-risk investment or a scam. If you get cold-called, the safest thing to do is to hang up. If you get unexpected offers by email or text, it is best to simply ignore them.
Spot the warning signs: Here are some examples,
- Unexpected contact
- Time pressure, quick deadlines
- Fake reviews, a lot of reviews all around the same date
- Unrealistic returns
- False authority
Check it is not a ‘clone firm’: A common scam is to pretend to be a genuine firm (called a ‘clone firm’). Always use the contact details on the FCA Register not the details the firm gives you.
Get impartial advice: You should seriously consider seeking financial advice or guidance before investing. You should make sure that any firm you deal with is regulated by the FCA. On a personal note: if you receive an email you believe to be fake, give the Temple Row team a call and we can ask our IT expert to check it out for you.
If you are suspicious, report it: You can report the firm or scam to the FCA by contacting their Consumer Helpline on 0800 111 6768 or using their reporting form on the website
Be wary of future scams: If you have already invested in a scam, fraudsters are likely to target you again or sell your details to other criminals.
For the full article and to access the Financial Services Register follow the link below:
At Temple Row, your security is a priority so please get in touch if you are suspicious of any scams. We are one call away!