Bogus investments costing victims £20,000
Investments in fake diamonds, bogus stocks and shares and fine wines that don’t exist are costing scam victims an average of £20,000 each, reveals Citizens Advice. Analysis of 5,000 scams reported to the consumer champion between January and March 2016 show how fraudsters are conning savers and investors out of thousands of pounds.
Cold calls, online adverts and fake websites are used to offer people attractive investments which promise steep increases in the value of their investment or strong dividends. But the return on their investment fails to materialise and investors are unable to contact the trader.
Today Citizens Advice and the Chartered Trading Standards Institute launch Scams Awareness Month – a national campaign to help people avoid falling prey to scams. The campaign urges people to follow a three-step rule – get advice, report it, and tell others about it. (more…)