How to spot a potential financial scam this Christmas

Despite the festive season being a time for goodwill and cheer, it’s also a time where financial scams are at their peak.

Financial scamming often increases during the Christmas period, as merry shoppers in high spirits tend to let their guards down.

But how can you spot a scam from a verifiable financial investment opportunity?

  • Avoid responding to unexpected text messages

Text messages are the latest way scammers are trying to trick people into parting with valuable information. Be wary of text messages that:

  • Are from unknown numbers claiming to be your bank
  • Are irrelevant to you – for example, about a charge for a parcel you don’t remember ordering
  • Require immediate action / your personal information quickly – this is usually a sign that this isn’t legit
  • Claim to be from an ‘official’ body or company and spelling or grammatical errors

If you’re even slightly unsure if the person contacting you is who they say they are, do not respond. Always check with your bank first if you think action may be required.

  • Do not trust time-limited offers

Some schemes will use the allure of limited-time offers on items, like appliances, electronics, or even holidays – emphasising that the item is completely free but require a small shipping or handling charge.

This can be incredibly tempting for those who see a jaw-dropping deal and desperately want to spoil their loved ones at this time of year.

But often these fast, cheap deals are ways of getting your personal information and credit card details which can then be sold on to other criminals to exploit.

Remember – if it sounds too good to be true, it likely is.

  • Be suspicious of investments in overseas properties

With the cold winter wind biting at our heels, many of us begin to daydream about buying a place abroad somewhere hot. But it’s always important to be certain an opportunity is legit before parting with any information.

If you are contacted out of the blue and pressured into an investment which is said to be ‘low risk’ but with ‘high, guaranteed returns’, you may be an attempted victim of an investment scam.

The best thing to do before any investment is to seek financial advice or guidance from a third party. Ensure that the firm you deal with is regulated by the authorities and be sure to never take investment advice from the company trying to sell you the opportunity, as this is likely part of the scam.

  • Consider getting impartial, independent financial advice

When it comes to any financial investment or opportunity, the best thing to do is to seek financial advice from experts who are independent from the person doing the selling.

Once money is gone, it can be extremely difficult to get back, so better to be overly vigilant than risk losing your life’s savings.

Looking for independent advice from the UK’s leading financial mis-selling experts over the festive holiday?

Look no further!

Call 01615 180980 or email [email protected] and one of our team members will get in touch as soon as possible.

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