FCA and FSCS: “Investors should do more research”

FCA and FSCS say investors must conduct more research to protect themselves against online scams

A survey by the Financial Services Compensation Scheme (FSCS) and Financial Conduct Authority (FCA) found that many investors avoid doing due diligence because they found the process “complicated” and “time consuming.” According to the results of the study, 42% of Britons aged 18 to 24, who have money in investments, claim their latest investment was…

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Beware the professional enabler

Professional enablers facilitate economic crime and crime systems

A lawyer, finance expert, or some other professional who acts as an enabler of an economic crime is referred to as a professional enabler. These are the people who will create, ignore, fail to identify, and purposely facilitate an economic crime or criminal system. In most cases, we only see the ‘face’ of the crime.…

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Consumers warned over pre-paid energy scams

Consumers warned to avoid discounted pre-pay energy top-ups

Britain’s leading fraud prevention service, Cifas, has warned gas and electricity customers to avoid pre-paid energy scams disguised as discounted offers. The scams have already affected over 188,000 victims, including British Gas, EDF Energy, E.ON, Scottish Power, and SSE customers. It’s no secret the cost of living is increasing at a startling rate. Many UK…

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How to avoid social media scams

An increasing number of people falling victim to social media investment scams

An increasing number of people are being duped into investing in social media scams. According to the US-based Federal Trade Commission, social media was “…far more profitable to scammers in 2021 than any other method of reaching people.” When you think about it, social media is a scammer’s dream. They have access to the same…

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Top 7 cryptocurrency scams

Seven cryptocurrency scams to look out for

Cryptocurrency is a new and fast-moving sector, which is probably why it hasn’t been covered in previous posts. After all, where does one start? Luckily, this question was answered last week after we found evidence of people being duped into handing over large sums. Unsurprisingly, the swiftly-expanding nature and popularity of cryptocurrencies have led to…

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Swindlers and the power of persuasion

Fraudsters use the power of persuasion

Several posts have referenced convicted fraudster Elizabeth Holmes recently because the Theranos scandal is a good example of how the power of persuasion can lead to innocent investors losing substantial amounts. Many of those who invested in Theranos were shrewd and experienced. And yet, they were completely unaware of the fraud taking place under their…

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