Money making scams
Scams can look like great deals and get-rich-quick schemes. But if you know what to look out for and what to do you can protect yourself.
Investing can be a great way to make money. But fraudsters may offer you fake investments. You need to be able to spot a scam to keep your cash safe.
What to look out for:
- Unexpected callers - Fraudsters like to call or email unexpectedly. They will try to gain your trust and get you to invest your money.
- Common scams - A lot of investment scams are for precious gems or metals, wine, land abroad, cryptocurrencies or energy.
- They know a lot about you - Scammers do lots of research before they call. So they might know some details about you and your finances.
- You’re put under pressure - Fraudsters want to hurry you into making a quick decision. Don’t trust a deal that you have to do straight away.
- You’re told to keep it secret - If you’re asked to keep quiet about an investment it’s likely to be a scam.
What you can do:
- Think first - Take your time to look at a deal to make sure it’s genuine and right for you.
- Get advice - Friends, family, and Independent Financial Advisors (IFAs) can give you advice on how to make the most of your money.
- Use the Financial Conduct Authority (FCA) - The FCA site has a register of companies that can sell stocks and shares. It also gives advice on how to spot a scam.