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Protect Yourself from Scams

February 2021

by George Chantry

Although some scammers offer high returns to tempt you into investing, they may also offer realistic returns to make their offer appear more legitimate.

Investment scams are increasingly sophisticated. Fraudsters can be articulate and financially knowledgeable, with credible websites, testimonials and materials that are hard to distinguish from the real thing. They can come in many forms, but all are designed to get hold of your money.

They can do this by getting you to reveal your personal details, stealing your information, or even getting you to willingly hand over the cash.

The key is knowing how to recognise a scam, protect yourself and what to do if you think you’ve been targeted or have fallen victim.

If you have ANY doubts about whether an email you have received is genuine, please double-check before responding

If you are unsure whether an email you have received from Pareto is genuine, please check these things before clicking any links or responding:

Email address

Is it the email address your adviser always uses? It may be very similar but if you have any doubts, call your adviser or forward the email using the email address you always use rather than replying.

Too good to be true?

Scams are increasingly sophisticated and can look like they are from a legitimate company. Even if you receive an email about something you have been discussing with your adviser – if it sounds too good to be true, it probably is.

Don’t give out personal data

Do not give your personal data by email or phone, (never give PIN codes and passwords, legitimate companies will never ask you for these) unless you are 100% sure you are speaking with your adviser.

Insist on time to think it over

Don’t agree to offers or deals immediately. Insist on time to get independent or legal advice before making a decision if an offer involves money, time or commitment.

Useful Guides

How to avoid investment scams

Although some scammers offer high returns to tempt you into investing, they may also offer realistic returns to make their offer appear more legitimate. Those offering or promoting products or investment opportunities found through search engines are not necessarily authorised or regulated by the Financial Conduct Authority (FCA).

To read the guide in full please click here

A beginner’s guide to scams

Scams are getting more and more sophisticated, particularly when it comes to targeting you online and through mobile devices. Knowing what to be on the lookout for when it comes to scams is one of the best ways to protect yourself. The Money Advice Service has produced a guide looking at how you can recognise a scam and how to protect yourself.

To read the full guide please click here
 
What to do if you think you have fallen victim to a scam

If you think you may have fallen victim to a scam, please contact your financial adviser immediately. There may be ways to limit any damage.

If you’ve been caught out by a complex and convincing scam that has resulted in you transferring your money into another bank account then you should contact your bank immediately. They may be able to stop or recover the funds once they are notified.

If you think you’ve uncovered an investment scam, been targeted by a scam or fallen victim to fraudsters, contact Action Fraud on 0300 123 2040 or at Action Fraud.

If you feel threatened, report this to the police immediately by calling 999.

 


The content in this publication is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor. The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
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