Beware of tricksters
CITIZENS Advice South Gloucestershire is warning people to be on their guard against financial and legal scams.
A total of 1200 financial and legal scams were reported to the CAB consumer service in the year ending April 2018 - a 6% increase on the year before. The median loss for these scams was £330.
Investments scams reported to the consumer service, included:
• Cryptocurrency - Fake websites claim to offer cryptocurrency investments, like Bitcoin. Often, scammers will pretend that household names have endorsed the company to give it some legitimacy.
• Binary options - Scammers pose as stockbrokers and get you to place bets on whether phoney shares will rise or fall within a certain date. They’ll promise big returns. You should check if they are on the FCA Register and not on the warning list of firms to avoid
• Holiday timeshares - Scammers promise to buy your membership off you for an advanced fee.
• Bogus solicitors - A scammer will intercept emails from a legitimate solicitor and pose as them. Scammers often strike when a property is being exchanged on and get funds diverted to their account. Check they are on the Solicitors Regulation Authority to see if they are genuine.