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How to be a ScamSmart investor?

In 2015/16, there were 3,186 reports of investment fraud. However the true figure is likely to be far higher as the majority of fraud is unreported. In the same year, victims lost an average of £32,000 to these scams.

To help combat the problem, Quilter Cheviot is supporting the FCA campaign called ScamSmart. Typically, experienced investors and those over 65 with savings in excess of £10,000 are targets for investment fraud, and it is important that we remain aware of the facts and best practice when managing your money.

Investment scams are designed to look like genuine investments

Spot the warning signs. Have you been:

  • contacted out of the blue
  • promised tempting returns and told the investment is safe
  • called repeatedly, or
  • told the offer is only available for a limited time

If so, you might have been contacted by fraudsters.

Avoid investment fraud

1.Reject cold calls

If you’ve received unsolicited contact about an investment opportunity, chances are it’s a high risk investment or a scam. You should treat the call with extreme caution. The safest thing to do is hang up.

2. Check the FCA Warning List

The Financial Conduct Authority Warning List is a list of firms and individuals we know are operating without correct authorisation.

3. Get impartial advice

Think about getting impartial financial advice before you hand over any money. Seek advice from someone unconnected to the firm that has approached you.

If you suspect that you have been approached by fraudsters please tell the FCA using the reporting form at www.fca.org.uk/consumers. You can also call the FCA Consumer Helpline on 0800 111 6768

If you have lost money to investment fraud, you should report it to Action Fraud on 0300 123 2040 or online at www.actionfraud.police.uk

Find out more at www.fca.org.uk/scamsmart

Remember: if it sounds too good to be true, it probably is!