|
In this issue:
 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.
|
 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.
|
 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.
|
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: www.coventry.gov.uk/scams
| 
