The FCA is urging over 55â€™s to take their time to check that investment â€˜opportunitiesâ€™ are legitimate before they hand over their money.Â
According to figures from Action Fraud, on average victims of investment fraud lost Â£32,000 each last year. Recent pension freedoms and low interest rates offering poor returns on savings are making over 55â€™s an increasingly attractive target for fraudsters.Â
The new research is part of the FCAâ€™s ScamSmart campaign, helping to protect consumers from investment fraud. The campaign features an interactive tool, the FCA Warning List, that helps investors find out more about the risks associated with an investment, and check a list of firms the FCA knows are operating without its authorisation.
Mark Steward, Director of Enforcement said: â€œMaking a significant financial investment is an important decision - be prudent, do your homework and be especially on guard if contacted out of the blue by someone you donâ€™t know. Â Fraudsters are targeting our growing over 55 population because they are more likely to have money to invest. They may pressure you to make a quick decision or try to make you feel stupid for not taking up their bogus offers.Â
â€œNo investment decision should be rushed. Be sceptical. Be suspicious. Ask questions and get answers you can verify. And remember, if you receive an unsolicited call about an investment opportunity that sounds too good to be true then it probably is. The best thing to do is hang up.â€ Â
To report a fraud and cyber crime and receive a police crime reference number, call us on 0300 123 2040 or use our online fraud reporting tool.