Avoid falling victim to investment scammers

Scammers will go to extreme lengths to get their hands on your savings. They can be clever, articulate and appear to be financially knowledgeable, with credible websites.  

As those who have fallen foul of them will testify, they can often be difficult to distinguish from the real thing, designing offers which try to separate you from your savings or indeed from your personal information with a view to accessing your funds. 

How to identify a potential scammer

There are common traits to watch out for when trying to identify a scammer;

• an 'out of the blue' contact from a company that you have not previously used for advice
• promises of guaranteed or high returns
• offering the ability to access your pension before the age of 55
• free pension reviews
• pressuring you to act quickly
• requiring you to send funds over to them to progress matters / sending links for you to access via your computer/phone.

Of late, there has been a rise in the last of those detailed above. Scammers have been contacting individuals wishing to purchase their shareholdings or offering to unite the individual with their deceased’s partner's assets (again, generally shares).

The scammer will subsequently require the individual to click on a link which may then compromise their computer (and allow the scammer access to their personal information).

Alternatively, they require the individual to transfer funds so as to move this process along. If funds are indeed sent, then the communication ceases and the funds are lost.

Steps you can take to protect yourself

There are a few simple steps that you can take to make sure you do not fall for a scam;

• Do not respond to 'out of the blue' offers. If someone that you have not previously dealt with contacts you with an offer that you weren't expecting, then the chances are it's probably a scam.
• Take steps to verify the opportunity presented to you by visiting the FCA’s ScamSmart page – www.fca.org.uk/scamsmart. Here you can check the Warning List, ensure that the individual is registered with the FCA and find guidance regarding scams.
• Never be rushed into making any pressured decisions. Even if you feel like you are turning down an 'amazing offer', be wary of accepting something that appears too good to be true. Take the time to make all the checks that you need.
• Take free impartial information and guidance which are available from a number of sources;
  • The Pensions Advisory Service provides free impartial and independent information
  • Moneyhelper – this has a range of support, including access to Pension Wise, whereby you can access free pension ‘guidance’ – www.moneyhelper.org.uk
  • FriendsAgainstScams – this website provides some useful information and details of further organisations that may be able to provide support – www.friendsagainstscams.org.uk
  • Financial Advisers, such as Shorts can help you make the best decisions to suit your personal circumstances.   Opt for one regulated by the FCA and never take advice from an 'out of the blue' cold call, or advisers that they recommend.  (they could also be part of a scam)

How Shorts can help

Not only is Shorts FCA Authorised but we are also Chartered Financial Planners, confirming the most rigorous criteria relating to professional qualifications and ethical good practice have been satisfied.

Despite many advisers choosing to move away from their independent status, Shorts have taken the decision to remain Independent Financial Advisers as we believe this delivers the very best impartial advice. 

With all of our advisers holding the status of Chartered Financial Planners, if you would like to discuss your financial arrangements, speak to one of our advisers and begin your journey with us today.