How to avoid investment and pension scams

18th April 2018

In the next few weeks there will be changes to the way that we send sensitive information to our clients by e-mail to reduce the risk of this data falling into the wrong hands…we will confirm those changes in due course.

In the meantime, we should all continue to be vigilant to ensure that we don’t fall prey to this ever growing risk.  Our Regulator, the Financial Conduct Authority, has published some useful guidance which can be found here.  You may believe that you are already aware of the danger signs, but we still hear horror stories about similarly savvy people who are taken in and lose money so it’s worth taking a few minutes to review the guidance.

It may surprise you that, according to Financial Fraud Action UK, 36-55 year old men are recognised as one of the most confident and assertive segments of the population but are one of the most likely age groups to lose money to fraud.

This group are shown to take risks when investing, have the ability to invest large amounts and tend to act on impulse. This increases the likelihood of them becoming a victim and then when they do so they often feel a sense of shame that results in them not reporting the fraud.

As Sergeant Phil Esterhaus (in the TV show Hill Street Blues) said as he finished up his daily roll call by bidding his officers farewell with the important advice—”Let’s be careful out there.”