December 3, 2023

One result of the pandemic has been a huge increase in financial scams and the regulators have for once been largely on the front foot and tried to raise awareness to safeguard investors.

The range of scams – from fake notices from Royal Mail for uncollected parcels through to more sophisticated ones claiming internet security software has ended – seem to have become part of everyday life.

It is very easy to fall for a scam – I was recently contacted to tell me that my subscription to internet security had expired. I almost clicked on the link until I realised that things like this are dealt with by What Investment’s tech team.

The scam was very believable as are many of them so it is not surprising so many of us have become victims, particularly over the last two years. So what is there to do?

Well with the examples such as those I have highlighted or another popular one at this time of year – fake refunds from HMRC – just ask yourself the most obvious question – are you expecting anything?

If you are not tread very carefully before you respond. All of our banks have very clear policies so if you get a call out of the blue from you bank, just assume it’s a scam. It might be a pain but you can always go into a branch and check that way.

But when is a so-called investment a scam? I think most of us are too long in the tooth to fall for the unsolicited email telling us we have won a share of a lottery or we know someone who has access to…

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