What is an Investment scam
Criminals may contact you with investment opportunities offering guaranteed, or very high, returns. They'll usually call you out of the blue, and to convince you, they will trick you to believe that this is a once off opportunity. They use false testimonials and/ or fake celebrity endorsements.
They may set up spoof websites and fake companies that have similar (or the same) names as genuine investment organisations.
They can produce convincing marketing materials and might refer to current news to make the opportunity seem realistic.
Remember: If it seems too good to be true, it probably is!
Cryptocurrency scams
Cryptocurrency is a digital asset that can be traded or exchanged online. It's unregulated, highly speculative and there's no investor protection.
Cryptocurrency has increased in popularity over the last few years, with some people seeing high returns on investments.
However, criminals are using this as an opportunity to steal your money.
How it works:
- They contact you by phone or on social media platforms.
- They are advertising fake investments that don’t really exist or falsely advertise high returns
- They are trying to convince you to sign up with a cryptocurrency provider with your identity documents to open a trading account or online wallet.
- They are persuading you to invest and set up fake but realistic-looking websites and portfolios.
Remember to:
- check how it works - it may differ from a traditional investment!
- stay in control - never let anyone set up a cryptocurrency wallet, upload ID documents or manage investments for you
- don't share access - fraudsters may ask you to download software so they can access your devices and move money without your knowledge
- spot familiar tricks - you may be asked to move money and asked to mislead your bank about the reason for making the payment. Fraudsters know payments for investments may attract more scrutiny and will try to avoid it
- don't fall for fake endorsements - fraudsters may impersonate famous personalities on social media or messaging groups, to make their offer look legitimate
- don't be pressured - high value cases even give a return in the short term, to convince you to invest more. Then, after larger payments are sent, you suffer even greater losses