Tens of thousands being lost to stock, wine and gem scams - CAB
Individual investors have lost tens of thousands of pounds already this year as a result of scams involving phantom stocks and shares, precious jewels and fine wines.
The figures come as a result of the Citizen’s Advice Bureau’s analysis of 5,000 scams reported to it from across the UK between January and March this year showing fraudsters conned people out of an average of £2,500.
In one case seen by the advice charity, a man paid £150,000 for diamonds that turned out to be worth a fraction of the cost.
The statistics are revealed as the CAB launched Scams Awareness Month - a UK-wide campaign to help people avoid falling prey to scams.
The campaign urges people to follow a three-step rule when they are faced with a scam: Get advice, Report it to the authorities, and then Tell others about it.
Susan McPhee, head of policy at Citizens Advice Scotland, said: “Scams can devastate people’s finances and leave them empty handed.
“There are no ‘typical’ victims of scam. Fraudsters vary their tactics to target different people. Those on a budget who are pressured into cut-price offers, to high-interest investments for those looking to grow their savings, everyone is susceptible to scams.
“We’re warning people to be on their guard against opportunities that come of the blue and far exceed the deals you’d get elsewhere - they may well be a scam.
“If you think you’ve lost money to a scam, seek advice as soon as possible so that you have the best chance of getting your money back. It’s vital that people who have fallen prey to fraudsters alert others to stop the scam from spreading, and report it to the authorities so we can stop con-artists from getting away with it.”
The most common types of scam reported to Citizens Advice across the UK in the first quarter of this year were: