Similar to pension scams, other types of investment scams are unfortunately becoming increasingly common.
As an investor in a Stocks and Shares ISA and/or General Investment Account you should be wary of scammers cold-calling offering to buy or sell shares or bonds which in general are likely to turn out to be worthless, overpriced or even non-existent. Unlike pension cold calling, these calls aren't illegal. As well as this, you should also be suspicious of any unsolicited advice, offers to buy shares at a discount or offers of free reports.
Increasingly tactics are becoming more advanced, with very persistent and extremely persuasive scammers using high pressure tactics such as limited time offers or offers available only for a 'select' few investors. If the offer looks too good to be true, it probably is.
Another common tactic to be aware of is the use of a fake or cloned website. This will look the same as the real company website, however, it'll contain links that take you to another website which is used to steal your personal information and security details. Fake sites may also be used to encourage you to invest in products appearing to be from a genuine firm, often in the guise of bonds. Again, the look and feel of the fake website is designed to persuade you that you're dealing with the legitimate firm. If you're unsure, you should always use the contact details on the FCA Register, not the details you've been given.
What to do if you think you’ve been scammed?
If you think you’ve been a victim of a scam, you can:
Keeping you safe
Understand more about how to protect your retirement savings as well as some handy online security tips.