We have been made aware that fraudsters are using the current lack of personal contact to impersonate clients and steal money from investments and pensions.
In 2014, there was a spate of scams involving fraudsters hacking personal email accounts and impersonating clients to gather information which was then used to encash investments. It looks like they are back!
The fraudsters would hack an individual’s personal email account to identify investments before contacting the IFA by email to request encashment. One of the key points to note is they would request the money to be paid into a new bank account recently set up. The fraudsters would provide evidence of the account’s existence if requested by email.
This would all be done by email and if telephone contact was requested there would be some reason given to continue using email instead.
If the client request is in fact genuine, we believe clients would appreciate the call if you explain the reason for the telephone contact – you are protecting their savings!
Note that this is just one of the methods used by fraudsters, so be VIGILANT.
We are aware of significant amounts of money having been scammed using this and similar techniques.
Suitability Reports: Who is Fred?
David Anderson Suitability complaints, Pension, PI, Update
There is an old joke about a man going to his dentist, picking up a magazine in the waiting room and reading that the Titanic had sunk. This reference to how out of date dentists’ reading material can be is unfortunately not merely a mildly amusing joke or restricted to dentists.