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Scam

 

OVER £197 MILLION LOST TO INVESTMENT SCAMS IN 2018

 

• The Financial Conduct Authority (FCA) has revealed that UK investors lost £197m in scams in 2018 

• The most common investment scams reported involve shares and bonds, forex and cryptocurrencies 

• The FCA has created a Warning List tool that helps users to find out if they’re dealing with a potentially fraudulent firm 

The Financial Conduct Authority (FCA) is today warning investors to be vigilant to the threat posed by investment scammers, as data from Action Fraud reveals over £197 million worth of reported losses in 2018. On average victims were scammed out of over £29,000 last year, as fraudsters employed increasingly sophisticated tactics to persuade victims to invest.

 

According to data from the FCA call centre, the most commonly reported scams involved investments in shares and bonds, forex and cryptocurrencies. Together they accounted for 85% of all suspected investment scams reported in 2018. People are warned to be particularly vigilant during the first quarter of the year, the peak investment season, as many look to invest before the tax year end.

 

Interestingly, the profile of investment scams are changing as more and more people are being targeted online, moving away from the traditional cold call. Fraudsters are now contacting people through emails, professional looking websites and social media channels, such as Facebook and Instagram. Last year 54% of those who checked the FCA Warning List were contacted via online sources, up from 45% in 2017.

 

Financial expert Alvin Hall has warned investors to be more vigilant as scammers techniques evolve and has created a list of six warning signs to look at for. These include unexpected contact, time pressure and unrealistic returns. Alvin has advised that although the contact methods used by fraudsters may vary, their tactics remain the same.

 

Joining us in the studio is Finance expert and broadcaster Alvin Hall.

 

Let's Talk: Finance Expert Alvin Hall speaks on £197 million lost due to investment scams.

The Financial Conduct Authority (FCA) has revealed that UK investors lost £197m in scams in 2018 The most common investment scams reported involve shares and bonds, forex and cryptocurrencies. Alvin Hall joins us to speak on this.