Which? comments on FCA warning over investment scams

“With savings interest rates at low levels, scammers are targeting people looking for better returns on their investments.

“Fake investment scams, which have become rampant on social media through paid-for advertising, promise high returns and often use the faces of well-known celebrities to try to make them seem more legitimate. Yet all too often we hear from people who have lost life-changing sums of money, and taken significant knocks to their wellbeing, as a result of these cruel tactics.

“To properly protect consumers online, the government must include paid-for advertising in the Online Safety Bill, giving online platforms the legal duty to prevent fraudulent content from appearing on their sites in the first place.”

 

-ENDS-

 

Notes to Editors:

 Tips on how to avoid being scammed

– Treat cold callers with extreme caution 

It’s very unusual for legitimate organisations to contact you and ask for sensitive information if you’re not expecting them to. If the caller cannot verify their identity, hang up.

 

– Never share personal details with people you don’t know 

Don’t hand over your personal details if the caller is asking for sensitive personal details, such as banking information, but can’t confirm who they are. 

 

– If the offer is too good to be true – it probably is 

If somebody is offering you what sounds like a great deal – ‘guaranteed’ high returns on low investments, for example – it is almost always too good to be true and a scam.

 

– Take your time

Fraudsters will often try to rush you into making decisions, especially when it comes to transferring money. Don’t let them pressure you.