Bromley trading standards is warning residents to be very cautious when making investments.
Scammers purporting to be from investment firms are contacting residents and offering great returns on their investment which has resulted in them losing considerable sums of money.
They can make contact by cold calling, following online searches for investment opportunities, or via social media. Celebrities may appear to be endorsing some investments too. Scammers will also appear professional and supportive to gain your trust. They may have professional looking websites and documentation.
In order to assist you with your investments, they will typically ask you to download legitimate screen sharing software or apps (also known as remote access) including AnyDesk, Microsoft Teams, TeamViewer or Zoom (as well as others). Just because you may have heard of these, does not mean the firm is legitimate.
Once you allow access to your screen – via phone, tablet, laptop, or computer – scammers can take control and access all of your personal information including your online banking.
Make sure you understand everything completely and, if in any doubt, stop and seek advice.
Be especially wary with cryptocurrency (including Bitcoin) or foreign exchange trading as most are not regulated by the Financial Conduct Authority, so investments are not protected.
See the Financial Conduct Authority (FCA) website for more information.
The 7 signs of an investment scam – Which? News.
Do:
- Take your time.
- Visit the FCA website and select a firm that is authorised if you are looking to make investments.
- Check a firm's contact details on the FCA Register (don't use those provided by cold caller contacting you).
- Check the FCA warning list – but remember they can still be scammers even if they are not yet known to the FCA!
- Hang up and cease contact if in any doubt.
- Be wary of follow up scams if you've already invested in a scam.
- Report and seek help.
Do not:
- Don’t give access to your device by downloading software or an app.
- Don’t share passwords.
- Don’t be pressured to invest or make decisions quickly.
- Don’t be deceived into investing more money in order to withdraw your investment.
- Don’t be persuaded to allow the scammer to open new accounts for you – they will then know your login details.
- Don’t keep quiet because you have been told to.
Report and assistance
Protect yourself and others by reporting incidents.
Protect yourself from scams | FCA.
FCA Warning List of unauthorised firms | FCA.
Contact Citizens Advice for help and advice on 0808 223 1133 or on the Citizens Advice website.
Visit the Bromley Council website for guidance and advice on scams.
Bromley trading standards
To keep up with the latest scam alerts and warnings from Bromley trading standards sign up on www.bromley.gov.uk/TradingStandardsAlertSignUpForm.
Bromley trading standards also runs a fair-trader directory to help you find a safe, reliable trader that you can trust, visit www.bromley.gov.uk/tradingstandardschecked to learn more.