Latest from the Fraud Office
Published: 13 October 2021
What is Investment Fraud?
There are many different types of investment fraud. They usually involve criminals contacting people out of the blue and convincing them to invest in schemes or products that are worthless or do not exist. Once the criminals have received payment, they cease contact with the victim.
How to protect yourself from investment fraud
- Be suspicious if you are contacted out the blue about an investment opportunity. This could be via a cold call, an email or an approach on social media.
- Don’t be rushed into making an investment. No legitimate organisation will pressure you into making a transaction or committing to something on the spot. Take time to do your research.
- Seek advice from trusted friends, family members or independent professional advice services before making a significant financial decision. Even genuine investment schemes can be high risk.
- Use a financial advisor accredited by the Financial Conduct Authority. Paying for professional advice may seem like an unnecessary expense, but it will help prevent you from being scammed.
- Always check the FCA Register to make sure you’re dealing with an authorised firm and check the FCA Warning List of firms to avoid. Only use the telephone number and email address on the FCA Register, not the contact details the firm gives you and look out for subtle differences. Just because a company has a glossy website and glowing reviews from ‘high net worth’ investors does not mean it is genuine – fraudsters will go to great lengths to convince you they are not a scam.
Remember, if something sounds too good to be true, it probably is.
If you think that you have been a victim of this or any other scam, then contact your Bank immediately and report it to Action Fraud at
www.actionfraud.police.uk or calling 0300 123 2040.
MOBILE PHONE UPGRADE FRAUD
How does this fraud work?
Fraudsters are cold calling members of the public and offering nonexistent mobile phone upgrades for really low monthly contracts. After convincing victims to make a purchase, the fraudsters ask for personal and financial details. Armed with this information they will then contact a genuine phone provider and order a new mobile phone handset using victim details. In most reported cases the fraudsters will either intercept the delivery before it reaches the victim’s address or order the handset to a different address.
How to protect yourself
• Never give your personal information to a third party from an unsolicited communication.
• Obtain the genuine number of the organisation being represented and verify the legitimacy of the communication.
• If the offer is too good to be true it probably is.
• If you have provided personal information and you are concerned that your identity may be compromised consider Cifas Protection Registration – by visiting the CIFA’s website at www.cifas.org.uk.
If you think that you have been a victim of this or any other scam, then contact your Bank immediately and report it to Action Fraud at
www.actionfraud.police.uk or calling 0300 123 2040.
COMPUTER SOFTWARE SERVICE FRAUD
What is it?
Computer software service fraud involves the victim being contacted and told that there is a problem with their computer and that for a fee this issue can be resolved. The victims will often be cold-called or will receive a pop-up on their computer, prompting them to phone the suspect.
Computer service fraud covers a number of scams which usually involve somebody contacting you and falsely claiming to be from a computer company such as Microsoft or Apple. It is important to note that computer companies say that they will never contact you to help you fix or protect your computer unless you have asked them to.
The unsolicited phone calls which indicate a scam will commonly offer to provide computer security. The callers could claim to be tech support calling to fix a problem with your computer or ask for credit card information so that they can ‘validate’ your copies of computer software.
Another scam is to tell you that you have won the Microsoft lottery, it is of course a scam.
Advice to avoid Computer Software Service scams
• Computer firms do not make unsolicited phone calls to help you fix your computer. Fraudsters make these phone calls to try to steal from you and damage your computer with malware. Treat all unsolicited phone calls with scepticism and don’t give out any personal information.
• Computer firms tend not to send out unsolicited communication about security updates, although they do send security software updates to subscribers of the security communications program. If in doubt, don’t open the email.
• Microsoft does not request credit card information to validate copies of Windows. Microsoft does validate requests to download software from its website via its ‘Genuine Advantage Program’, but never asks for any personally identifying information, including credit card details.
• The ‘Microsoft Lottery’ does not exist –so it’s not true if you’re told you’ve won.
If you think that you have been a victim of this or any other scam, then contact your Bank immediately and report it to Action Fraud at
www.actionfraud.police.uk or calling 0300 123 2040.