Investment Scams

As more and more seniors take to the internet, scammers are ready to meet them there.

Who Is It Targeting: Over 55 investors

What Is It: Investment scams

What Are They After: With the abundance of online brokerages putting more control in investors’ hands, online investing has gained a lot of credibility. That only creates a climate in which newcomers to the web can be taken advantage of.

A survey from the Financial Conduct Authority (FCA) found that far too many over-55 investors not only don’t know how to spot a scam but have reported after learning about scams that they’ve already been contacted.

How Can You Avoid It:

• Anyone who contacts you out of the blue and expects you to invest is not to be trusted.
• Some victims have reported the email was over-the-top with flattery, referring to what a savvy or knowledgeable investor they are.
• While investing can be a race against the clock, beware the high-pressure sales tactics and the claims that this stock tip must be acted upon immediately.

If you think you may be a victim of identity theft, contact the Identity Theft Resource Center for toll-free, no-cost assistance at (888) 400-5530. Find more information about current scams and alerts here. For full details of this scam check out this article from WiganToday.