Investment Scams What are they? Over £230 million has been lost to investment scams over the last two years. According to UK Finance, in the first half of 2021 alone over £107 million was lost to this type of fraud. Investment scammers are changing their tactics regularly, but the frauds they perpetrate usually have a similar theme. You will be persuaded or pressured into investing in something that either did not exist, or was a fraud all along. If you made an investment and didn’t get your money back, it is possible that you were tricked by a scammer. Ascop Refund could help get your money back from your bank.
A common method used by fraudsters is to post adverts online using search engines. You will search for an investment bond, a type of stock or pension and you will find their website. At this point, they may offer very high returns on speculative looking investments, or they may impersonate legitimate FCA registered companies offering expected returns. When you express an interest, you receive a call from a fake broker investment scammer whose job is to part you with your hard-earned money. Be wary of firms you found via online adverts.
Equally, be wary of companies that contact you out of the blue. This could be through a cold call, text, message on social media, email or brochure. The telephone is a particular favourite of investment scammers, who will offer you Forex, Stock Market and Bonds with high rates of return.
Later warning signs include hidden fees when you try to take your money out. The scammers won’t take the money out of your “profit” but will instead ask you to pay it up front. They will cite various things you need to pay such as “taxes” or “administrative fees” and come up with elaborate reasons why you need to pay these fees up-front before you can access your cash. Put simply, if you're asked to send money via bank transfer or any other method to release your returns, it's probably a fraud.
A good way to check whether investment is legit is by checking the Financial Conduct Authority Register. Here you can check individuals and firms to check that they have the permission to be doing what they're offering you! Most investment activities are regulated activities and therefore have strict guidelines that firms have to adhere to. If you’re offered an opportunity by a firm that is not on the register, then it may be a fraud!
The Financial Conduct Authority also has a warning list where you can check out an opportunity you have been offered. This will tell you if it is a known fraud!
Banks have introduced a name checking service when you send money called Confirmation of Payee. When you send the money, it will tell you if the name of the recipient matches who you think you are sending funds to. If you expected to send money to an FCA registered firm, look out for the names not matching and excuses from the fake broker. This is a tell-tale sign that the broker is a scammer.
Scams we have seen
We are a Claims Management Company regulated by the FCA. Founded with a clear sense of purpose. You will only work with experts when you deal with Ascop Refund.
Ascop Refund Ltd is a claims management company authorized and regulated by the Financial Conduct Authority in respect of regulated claims management activity. FRN: 937096. Registered with the Information Commissioners Office; registration number: A8986071. Registered office address: Ascop Refund Ltd, 3rd Floor, 86-90 Paul Street, London, EC2A 4NE. Registered as a company in England & Wales; number: 50255931.
