![]() ![]() Phone – Unexpected contact: scammers can cold-call or text, but contact might also come from online sources, or in person such as at an exhibition or seminar.Usable on mobiles, including Instagram, the AR sees several every day objects representing the main warning signs: To help remind investors of the warning signs, the FCA has created an Augmented Reality (AR) experience for investors to use. If investors were to deal with an unauthorised firm, they will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong. ![]() This will help identify those who are running scams and are unauthorised to operate, or flag to investors where additional research is needed. The FCA is calling on all investors to be ScamSmart and check its Warning List before making any investment decisions. ![]() 'Our Scamsmart advice and tips together with the FCA’s Warning List provides all the clues you need to sort the genuine investments from the fraudulent ones.' You don’t need to be a Sherlock Holmes to spot scams. It’s great to see so many investors being able to spot the signs of a scam, and helping others to do the same. Once money has been lost in this way, it’s difficult to get back, so if something seems too good to be true, it probably is. 'Scammers are becoming more and more sophisticated, coming up with different tactics, such as impersonation texts or calls, and using the cost of living pressure as a way to tempt investors into false opportunities. Mark Steward, Executive Director of Enforcement and Market Oversight said: Once investors realised the opportunity was fraudulent, 42% warned family and friends, while a further 27% posted on social media to warn others. Of the 1,036 investors who have avoided investment scams the FCA surveyed, a third (33%) came across the opportunity via email, while a quarter (25%) received a personal phone call. Other warning signs that made investors suspicious included being contacted out of the blue (33%) and being pressured to invest before the ‘offer’ ends (26%). The research found that ‘detective’ investors cite finding mistakes (34%) and requests for access to their personal details to secure the opportunity (34%) as the most common tell-tale signs of investment scams. A further 32% are relying on pure gut instinct to distinguish between genuine investment opportunities and potential scams. Two in five (39%) respondents claim that their investigative or research skills are helping them to spot the clues. In 2022, over £2m was saved by beady-eyed investors, who called the FCA to report the firm or individual before losing money. The FCA’s latest ScamSmart campaign aims to spotlight the skills used by those who have stopped scammers in their tracks to protect other investors.Īnalysis of data from the FCA’s consumer helpline has shown a 193% increase in calls to the FCA in the last five years, as investors detect investment scam warning signs.Armchair detective investors say finding mistakes in material (34%) and requests for personal details to secure the opportunity (34%) are the most common tell-tale signs.FCA data reveals £2m was saved in 2022 by beady-eyed investors who spotted the warning signs and reported to the FCA, with calls to the FCA increasing 193% in the last five years.Latest Financial Conduct Authority (FCA) research shows how investors are ‘turning detective’ against scammers, using research skills and gut instinct. ![]()
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