Investment scams jump 49% in July

Source: Money Marketing Justin Cash 2020-08-19

Investment scams jumped by 49 per cent in July, according to new figures from Barclays.

The volume of scams is now the highest the bank has ever reported.

Across all types of scams, Barclays says there has been a 66 per cent increase in the first six months of the year, suggesting fraudsters have tried to take advantage of the tough financial conditions brought on by Covid-19.

The delayed spike in Investment scams, compared to other forms of scam, is put down to the time it takes people to realise they have even been a victim.

The bank notes that many could have been waiting for confirmation of an investment which never materialised, for example, meaning they didn’t realise until later on that they had been conned.

The bank says it has seen a particular growth in cryptocurrency scams, and expects this to continue in the future.

Barclays head of fraud Jim Winters says: “You should never feel pressured into make a decision on the spot – banks, the police and investment companies will not expect large payments to be made instantly.

“If you feel threatened, or an opportunity sounds too good to be true, give yourself time to look into the person you’ve been speaking to, the website you’ve been browsing, or the company that’s been calling you. When researching investment opportunities, for example, ensure that the website is genuine, as it could be a cloned page.”

Winters also recommends checking the FCA’s register.

However, the register, which has just been upgraded, has had a number of problems identified with it in the past.

The rebirth of the FCA Register

These have included scammers attempting to copy the register itself and taking months to remove incorrect entries.

Barclays

Cryptocurrency

Covid-19

Investment scams jump 49% in July

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