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News & Updates

21/01/22
Don't lose your hard earned savings to fraudsters and scammers.

The investment scammers claiming quick returns on Bitcoin, Forex, Binary options etc. are getting bolder and greedier. The sad thing is once your money has gone hardly any of you will get it back.

A couple of years ago the losses were typically around £2-5,000. Now I am seeing losses of life savings, pension funds and even houses being mortgaged around £80,000 to £500,000 with victims lives being ruined.

I thought it might be worthwhile sharing a key few red flags and rationale which indicate it might be a scam.

Are they registered with the FCA in the name they are using? Even FCA registered brokers get it wrong but at least you have redress.

Are they claiming they can provide return over a week or short period, and making it a once in a lifetime offer? That does not happen in real life and the only person making a fast return will be them with your money and a fast exit.

Did they approach you on social media on a friendly basis and quickly turn the conversation to investments?

If they have a recently registered UK Limited company that has never filed accounts, then avoid them.

Also remember a lot of these scams start as romance and friendship scams.

Final word for now. If your bank intervenes and tells you they think it is a fraud, do not ignore them. They are right and you are wrong! I mention this because so many people are telling their banks 'it is my money I will do what I want' which is true. However, the same people then go back to the bank and blame them.

I am not victim blaming I am trying to emphasise that so many frauds slip through the net, so when someone who cares about you expresses concern please listen.

Let's be careful out there ...