New scams on the block
During the current pandemic we have seen a spate of new scams from fraudsters determined to take advantage of vulnerable individuals.
Carpenter Box Financial Advisers have been helping their clients and families since 2008. We are delighted to say that we continue to have many testimonials praising our service and support.
We take the time to get to know our clients, and always recommend that individuals should avoid being pressured into making financial decisions. Time should be taken to establish if an offer is genuine, and in this way it may be possible to avoid making a decision which with hindsight you may come to regret.
Below are some examples of new scams we have been made aware of. Our message continues to be to take financial advice from an established and reputable firm such as ourselves.
- To exploit your short-term financial concerns, scammers may ask you to hand over an upfront fee – usually between £25 and £450 – when applying for a loan or credit that you never get. This is known as loan fee fraud or advance fee fraud.
- ‘Good cause’ scams. This is where scammers seek investment for good causes such as the production of sanitiser, personal protection equipment (PPE) or new drugs to treat the virus. They use the promise of high returns to entice you.
- Using the uncertainty around stock markets. Scammers may advise you to invest or transfer existing investments into high return (and high risk) investments.
- Clone firms – firms must be authorised by us to sell, promote, or advise on the sale of insurance products. To appear genuine, some scammers will claim to represent authorised firms. In particular, be aware of life insurance firms that may be cloned.
- Scammers may contact you claiming to be from a claims management company (CMC), insurance company or your credit card provider. They may say they can help you recover losses by submitting a claim, for the cost of a holiday or event such as a wedding cancelled due to the virus. They will ask you to send them money or your bank details.
- Cold calls, emails, texts or WhatsApp messages may claim that your bank is in trouble due to the coronavirus pandemic. They may push you to transfer your money to a new bank with different banking details.
For further advice on avoiding financial scams, or if you are concerned about a vulnerable person who may need assistance with their finances, please get in touch with our team.