News and Scam Alerts from Coventry Trading Standards - 1 July 2017

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News and Scam Alerts from Coventry Trading Standards - 1 July 2017

In this issue:

Scam Awareness Month

Scam 17

1 July sees the start of Scam Awareness Month and  we want to help stop more people across the city from being conned. We also want to encourage people to report and talk about scams which may help others from falling victim to one.

Each week of July will have a different theme with advice on how to spot scams that target particular groups of people.

Week 1 (3rd July) – 40 to 60 year olds – ‘Life Established’.

People in this age group are the most affected with a third of all victims of scams being between the ages of 41 – 60.

This may be because people in this age band are more likely to report a scam and may also be more settled with access to financial assets.

Whilst being targeted by a wide range of scams, there are certain scams that people of these ages are most vulnerable to such as investment fraud, phishing and other banking scams, property scams and pension liberation scams.

Pension scams

Pension Scams

April 2015 saw the introduction of Pension Freedoms giving people more flexibility and access to their pensions. However, if you’re thinking about how to invest your retirement savings, or have been contacted by someone offering ‘too good to be true’ returns then follow the advice from the Pension Regulator first.

You should also be especially wary of anyone or any scheme who offers to help you release cash from your pension before you are 55, as it is almost certainly a scam.

Investment scams

Investment Scam

These often start with an unsolicited phone call and frequently involve scam investments in wine, shares, rare earth minerals and land investments overseas.

Last year, victims of investment fraud lost on average £32,000. The Financial Conduct Authority (FCA) advice is: check investment opportunities are genuine before parting with any money.

Recovery Room fraud: This is a method where criminals contact victims of previous frauds claiming to be able to recover previously lost funds for an upfront, advance fee. When Recovery Room fraudsters contact victims of wine investment fraud they will usually claim to be a legal professional such as an insolvency practitioner or a representative of another investment firm. 

General facts about scams

Estimates show that reports of scams and fraud are up 8% this year – with 3.6 million cases.

£10.9 billion is the estimated amount lost each year to scams and fraud.

Whilst 82% of households have double or dead locks fitted to protect their homes, only 32% follow Government advice and use three random words to create a strong password to protect sensitive information about themselves.

What to do to tackle scams?

Get advice from Citizens Advice consumer service: 03454 040506. 

Report scams and suspected scams to Action Fraud: 0300 123 2040. 

Spread the word and tell family, friends, neighbours so that they can avoid scams.

Cut down on unwanted contacts:

For more information on scams, visit:

How to report scams