Stay vigilant so it doesn’t happen to you
Scams are still happening to many people. It can be tempting to think, “it won’t happen to me” but think again and stay vigilant! In the year to September 2020, Action Fraud received over 17,000 reports of investment fraud, totalling £657.4m in losses, up by 28% on the same period a year earlier.
Fuelled by the pandemic, scammers have been taking advantage of a population hit hard by job losses and reduced incomes. Head of Action Fraud, Pauline Smith, commented, “All of these factors provide criminals with the opportunity to attract more people with their fraudulent investment schemes. Preying on people when they are at their most vulnerable really shows how low these criminals will stoop to make a profit for themselves.”
Action Fraud have warned, ‘Fraudsters will go to great lengths to convince you they are not a scam’ and have urged consumers to seek regulated advice on investment opportunities. If you have been approached by phone, email, social media or in person, it really does pay to be suspicious, trust your instinct and:
- Seek professional advice from an authorised financial adviser before making a significant financial decision
- Remember that, if something sounds too good to be true, it probably is
- Fraudsters may impersonate legitimate companies, so be vigilant.
For more information about investment fraud, visit www.fca.org.uk/scamsmart.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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