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Investment scams; a guide from our fraud solicitor
16 Feb 2022

It is one of the most common ways to lose money in the UK, targeting the elderly or the vulnerable alike; investment scams.

And while most people believe that they would be able to spot an investment scam, it can be surprisingly tricky, especially with the use of the internet and smartphones becoming more common. But how exactly do you detect an investment scam?

At ABV Solicitors, our fraud solicitor has helped many of our clients to track down and prosecute those who have tricked them into giving money in an investment scam. And, even better, we can help you, your company or your charity to spot the signs of these scams too. Great!

In this brief article, our fraud solicitor highlights how you can spot an investment scam and how our team at ABV Solicitors can help.

What is the definition of an investment scam?

It’s pretty much in the title, but according to our fraud solicitor, an investment scam occurs when a person or organisation gets people to hand over money to invest it in shares, a business or stocks.

One of the most well known of all investment scams was the Ponzi Scheme; this was where money was collected from new investors to pay old investors to trick them into investing more. But this kind of scheme never works and eventually, the money owed by those collecting the money outweighs what they have; they disappear, leaving many people out of pocket and with them holding on to all the money.

Spotting a scam; what to look out for

As we mentioned earlier, the rise in the use of smartphones, tablets and other media has created a veritable wonderland for scammers to target people. Here are some of the most common ways that they use:

Phone Calls

Not a new idea, but cold calling with financial advice or insider tips used to be the main way to lure people in. Now, you may also receive text messages or emails that try to deceive you into giving over your hard-earned cash.

Non-returnable phone calls

If someone calls you with financial advice and you try to call them back but can’t, this is a red flag, and you need to contact one of our solicitors to prevent any further losses and reclaim your money.

Quick decisions

If you feel you are being pressured into deciding by an investor centre, then this is also a red flag. Investors worth their salt will allow you time to decide whether an investment is right for you. They will also let you choose whether or not to invest without pressure.

No contact information

Does the investor centre website have no address? Does it not appear on a map? Red flag! Call our team and the police!

‘Low risk’ investment

In the world of stocks and bonds, there is no such thing as a ‘low risk’ investment; all types come with their issues, and any legitimate investor will take the time to explain these to you.

If you think you’ve been targeted

If you think you have been targeted by a scam of any kind, seek advice from our team at ABV Solicitors, and we will work to retrieve any money on your behalf.

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