Not everyone you meet in the world of finance is to be trusted with your money.
Some will tempt you with too-good-to-be-true investments offering “guaranteed” and sky-high returns.
Others will tell bare-faced lies, and trick you into sending vast sums to their own bank accounts. You might think you’d never fall for a scam, but it is young, tech-savvy people who are actually most at risk from today’s fraudsters.
Luckily, Sam and Laura are on hand to help.
With the aid of financial fraud fighter Jack “Buster” and hotshot investment lawyer Gareth Fatchett, this episode shows you how to spot today’s most insidious scams – and how to fight back if, and when, the worst does happen.
1. Do a real world sanity check . Whether that’s going to see a car before buying it, seeing a solicitor in person or calling a verified number for your bank. Just take a pause, and don’t allow someone on the end of a phone line to rush you. A bit of due diligence could save you a life changing amount of money.
2. If you do suspect you’ve been scammed, timing is of the essence. Contacting your bank in the first hour or two can usually block a fraudulent transaction, after that it’s the police you want. But don’t get your hopes up of seeing your money again. Unless you can prove the bank failed in its duty to stop criminals setting up their account, it can be very hard to get compensation.
3. If an investment opportunity offers high rates of return, low risk or even “guaranteed” returns, it’s probably too good to be true and you should leave well alone. For more sane and practical advice listen back to episode 2 where we talk about some of the more stable and regulated ways to grow your money.
To get in touch, email email@example.com or phone our voicemail number at 07523 039447.
And visit www.telegraph.co.uk/moneypodcast for more.
Other useful links and contact numbers:
Action Fraud – 0300 123 2040 and https://www.actionfraud.police.uk/contact-us
The Financial Conduct Authority – https://www.fca.org.uk/consumers