Top Financial Scams to Watch Out For in 2019

In this day and age, financial scams are certainly not unheard of. From cold calls, text messages and emails, such scams take place on a variety of platforms and are becoming increasingly sophisticated. Luckily, however, it’s quite easy to spot when you’re being scammed – this is where this handy guide comes in to good use. Have a read of the top common scams to look out for in 2019, and how you can avoid being targeted.

Duplicate banking websites 

Scammers will do anything and everything to get you to reveal your personal information, and this includes your bank details. For instance, you may have received funny emails from what you may have thought to be from your bank. These emails are generally very crafty and may contain a false link to a duplicate website which resembles the website of your bank. If you think that you have fallen victim to one of these emails but are not sure, it’s best to check with your bank. They will confirm if they have sent the email straight away. 

Boiler-room schemes 

Boiler room schemes are operations designed to lure in investors into what is essentially a scam. Such operations typically take place through cold calls but may also take place over email, text messages, and social media. Boiler room schemes are easy to spot because they are made up of a whole range of unlawful tactics. These include aggressive sales threats, pressuring people to buy quickly, and making unsolicited offers. The ultimate trick to not falling for a boiler room scam is to always make sure that you are taking the time you need to invest properly. Even if it seems urgent, never feel pressured into investing in something that you are not fully certain of. 

CEO Email Compromise 

It is not uncommon for attackers to pose as a company CEO and send an email to an employee that is in charge of company finances. Typically, this email will instruct them to transfer money to an account they control. If you are an employee who receives such an email, it is always best to check with your boss face-to-face about whether they have sent this email. 

Facebook impersonation scams 

Social media does have its dark side, and Facebook impersonation scams certainly prove this. In scams such as these, duplicate Facebook accounts of existing members will be created and friends of these members will be targeted. The scammer will then proceed to ask these individuals for money or loans. To avoid falling victim to a Facebook impersonation scam, you should never share your password, accept friend requests from strangers, or leave your Facebook account logged on in public devices. 

Romance/dating scams 

In a dating scam, you’ll generally get a social media message or an email that contains a dodgy link. Some individuals who partake in this scam will want you to transfer money so that you can meet up, while others will stick to typical blackmail links. If you do get such messages or emails, do not engage with them and most importantly – do not link on any suspicious looking links.

Pension mis-selling 

In the world of financial scams, one to look out for is pension mis-selling. In the UK, there is now an increasing number of people giving up their pension plan for any number of ‘high return/low risk’ investment opportunities. These investment opportunities are mis-sold and, due to how profitable they sound, a pension mis-selling scandal has escalated in the UK. If you believe that you have ever been mis-sold a pension, contact your pension provider straight away. 

At Expert Pension Claims, queries related to financial mis-selling are what we deal with. If you think that you have fallen victim to such scams, contact our team today to check if you’re eligible for compensation.