How to avoid scammers
Fraud and scams are often difficult to spot. However, there are a number of ways to tackle getting caught out. We take a look at a few tips for potential investors to always consider before moving forward with any investment.
Investment scams are on the rise
Inflation is the erosion of what money can buy.
The headline rate of inflation in the UK has recorded its biggest-ever jump, leaping from 2% in July to a nine-year high of 3.2% more recently (with further increases expected throughout the rest of the year).
For many years now, investors have not had to worry about inflation as it has remained below the Bank of England's target of 2 per cent since 2018. But this is now changing.
A rise in the cost of energy bills, petrol prices, clothes – and even a pack of biscuits, all mean we are affected in some way, shape, or form.
Our top tips
Although scams have become increasingly sophisticated, there are a number of red flags to look out for.
Here, we share out top four tips to curb a scammers potential of getting to your money.
Scammers will usually find it hard to obtain a UK business bank account, so will typically resort to asking you to send your money overseas - this is always a good indication that you are dealing with a scam. The recently introduced name-checking system has helped a lot with stopping fraudsters.
A simple tactic is to ask for a video call - 9 out of 10 times the scammer will avoid this at all costs, as you would then have solid video evidence to pass onto authorities. With the invention of FaceTime and Zoom available to anyone with an internet connection, investment scams can now be a thing of the past.
Conducting your own research might seem like a no-brainer but many people simply read a few pages regarding an investment and then decide to proceed without really looking into the facts and figures to whether the investment checks out or not.
your banking details
Never give your banking details over to anyone you don't know or trust. This information is extremely valuable to not only you but also the scammer. In the wrong hands, a lot of damage can be done. There should hardly ever be a time when a genuine company will require these details.
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