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The investment in fictional shares and bonds, or sometimes, in overpriced or valueless shares (such as of bankrupt companies) can be offered by scammers of boiler rooms who approach the investors as sophisticated financial service providers , with a promise to get huge returns on investments in shares and bonds. But most such offers are scams and many investors have lost their pension savings and other valuable money in such scams. As per reports, these investments have resulted in a loss of over 6 million pounds to the investors.
How it works?
The fraudster makes a call and asks you to urgently send money, or will miss a chance into investment into valuable shares or bond. They get your details through shareholder lists and the mostly apply high pressure tactics to finalise the deal as early as possible. They may hold meetings, emails, seminars and use word of mouth tactics to draw new investors. They post advertisements in newspapers, online, magazines and may come with a research report on the company where they are asking the investors to allocate money. They offer discounts or gifts to invest and ask for a quick decision, or the deal will be lost.
They offer investment into a fake company and in case, you hold share of the company they calls to buy your shares at a very high price as compared to market rates and they may ask for money upfront to get the deal done. But once you have given the money, they will become unreachable.
Clone firms
There are many fraud brokerage clone firms which have website resembling a popular firm. These firms use the FRN numbers, addresses and other details of a FCA-backed firm to promote their schemes. These firms provide mobile or contact info and related details and claim – the address or contact details on the website needs to be updated.
These could be an overseas organization, or a replica of an authorised financial website. They may hold the name of an authorised firm to lure customers into such deals.
How to prevent such frauds?
Most FCA-backed financial organizations will not contact you on your phone asking to buy / sell shares/ bonds.
Get the FRN number of the company to see if it is a clone or not. Check the warning list in the financial websites and also the register where the authorised firm names are mentioned.
Never submit to pressure tactics adopted by the boiler room scammers.
Get advice from government authorised firms or financial advisors, who are not the part of the investor firm.
Check PIMFA or other money adviser services to find an unbiased financial advisor.
If you already lost money in such schemes
Report the matter to the consumer helpline number or register your complain to through the reporting form on government website. Scammer may approach you again for more deals, in case you have already lost money in such schemes or may offer to give money back. Beware and report any such conversation or follow ups. Contact government authorities to prevent future scams.
The most common Scam Investments include :
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Read More About Protecting Yourself From Scams
Other common financial scams:
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Web: www.nationalcrimeagency.gov.uk
0370 4967622
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