Fraud is definitely on the increase and recent stats show around £58 million getting scammed with “Corona-inspired” scams this year! Here we explain what is meant by different types of fraud and how to protect yourself! The “unregulated investment scam”
Pretty simple really, fraudsters (sometimes even genuine advisers!) convince you invest your hard-gotten savings (or pensions) into unregulated investments. As the investments are not regulated if they subsequently go-bust (as they always eventually do), you lose your money (or at very best get a few pence back for every £ invested.
When is this used? Typical examples may include versions of the following:
- A High, fixed rate of return (anything more than 0.5% beware)
- Any “guaranteed” return
- Anything “exotic” – golf clubs abroad
- Airport car parking
- Commodities, I mean things like palm oil or carbon credits
How to protect yourself. Always think if it sounds too good to be true then it usually is. Every provider has an FCA reference so go on the regulators register and check them out! Also remember that cold calling to discuss any type of pension product is NOW ILLEGAL! Therefore, anyone that calls out of the blue regarding pensions IS a FRAUDSTER!
Remember – Once you have sent the money its gone forever!
Always contact your local experts for advice on anything money-wise so we can help ensure your very own Financial Fortress and help you avoid costly mistakes!!!