Don’t Get Fooled By Cold-Calling Fraudsters

Fraudsters are trying to cash in on recent online data breaches of firms like Carphone Warehouse and dating web site Ashley Madison.

Scammers are sending out emails, texts and sometimes calling consumers by posing as police or fraud investigators warning that online payment details have been snatched by hackers.

They urge the consumers to hand over banking details, including passwords to accounts, so they can move quickly to safeguard their cash.

In some cases, victims have transferred cash into a ‘safekeeping account’ run by the fraudsters after receiving the bogus alerts.

Action Fraud, the UK’s official scam busting web site warns that consumers should never give sensitive personal or financial information to anyone they do not know –p even if they say they are the police.

Katy Worobec, Director of Financial Fraud Action UK, which runs the Action fraud web site, said: “Fraudsters can come across as convincing and they may already have gleaned some basic information about the person they are calling from social media sites or other sources to make their stories even more elaborate and believable.

“Do not get drawn into by what they are saying and try to get their number to call back and then contact us so we can investigate.”

Warnings about bogus advisers – Worldwide

Bogus adviser alerts on the International Organisation of Securities Commissions web site:

  • Sony Online Investment – Switzerland
  • Comissão de Valores Mobiliários – Brazil
  • IRONFX – Brazil
  • com – Brazil
  • Broker Capital – Canada
  • Eastern Capital Fund Ltd – Switzerland
  • Daniel Côté et 9260-0485 – Canada

Warnings about bogus advisers – UK

The Financial Conduct Authority (FCA) web site has these warnings this week:

  • Unsecured Lends
  • Payday Loans Now (Clone web site)
  • Cash Flex (Clone web site)
  • Nicolas Adamides / NA Trading (Clone web site)
  • Loan Me The Money
  • Amaze Loans (Clone web site)
  • Castlerigg UCITS Fund PLC (Clone web site)
  • Grand Loans (Clone web site)
  • JC Sterling & Roth
  • Henderson Global Trading (Clone web site)
  • Credence Financial Earnings Ltd / Credence Trade (Clone web site)
  • Holdprop Financial Investment Ltd (Clone web site)
  • Pecunia Financial Limited
  • Tilney Asset Management (Clone web site)

Dealing with an unregulated firm

If you buy shares, save money or invest with an unregulated firm, you lose any protection offered by the Financial Ombudsman and the Financial Services Compensation Scheme. Broadly, you have no independent place to complain if the deal goes wrong and are unlikely to win any compensation.

Checking if a firm is regulated

Go to the Financial Services Register to check if a firm is regulated in the UK.

Reporting a suspected bogus adviser

Below is a list of some related articles, guides and insights that you may find of interest.

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