Scams and Frauds
02 NOV 2021
In recent months, many of us have been surprised by the unprecedented number of reports of attempted fraud and scam activities that have appeared in the press. From the sentencing of a high profile celebrity boyfriend for defrauding 2 pensioners in a betting scam through cyber-attacks on Sunderland University and the Irish health service, the risk presented to us all has never been higher. With both the Government and the FCA focusing attention on this area, we thought it might be useful to identify some red flags.
Time pressure: responsible companies don’t give you 24 hours to snap up an unmissable deal. Nor will they badger you with frequent phone calls or outstay their welcome. If you are feeling under pressure or things just don’t feel right, trust your instincts.
Referrals: scammers commonly try to find an angle to gain your trust. They might name a club that you’re a member of or even someone with whom you are acquainted. Don’t let your guard down and share information without verifying that the individual or company is whom they say there are.
Outperformance: put simply, if something looks to good to be true, it probably is. You might think that you’d never be foolish enough to invest in a South American emerald mine, but lots of people have been taken in by fake solar energy funds and vaccine development or health care investments in recent years. Seek the advice of a reputable financial adviser before making any decision to invest.
Contact information: look closely at that email address, check that it does exactly match the government department that it purports to be from. Get the landline of the company that you are speaking to, even if the person who has contacted you is still working from home or on a mobile. Look up the business address that has been provided; does that building really appear to be the HQ of a large bank?
We all know how important it is to keep personal information safe. Please never share passwords, give copies of passports or other identity document to anyone that you haven’t verified or respond to texts asking you to provide credit card details. Institutions such as Royal Mail just won’t send you a text telling you to pay £5.48 by clicking on a website so that they can deliver a parcel. Just because a name looks familiar, do not automatically trust the information that you are receiving.
Do ask your usual CAM contact to help if you are concerned about an unsolicited phone call that you’ve received or an email that seems suspicious. We are always happy to assist. Please also remember that we want to protect the assets that you’re holding with us and that’s why we follow strict security procedures when dealing with you. We want to work with you to stop these fraudsters.
