Warwickshire County Council Scam awareness Update

Warwickshire County Council

09-09-2016 02:11 PM BST

A Warwickshire resident reported receiving an unexpected phone call from someone claiming to work for the investment arm of a well known insurance company.

The caller offered the resident an 'opportunity' to invest in a fund based on an artwork auction sale.

The caller claimed that an investment of £2000 would yield a profit of between £700 and £900 within a couple of months!

NEVER respond to cold calls offering investment opportunities, even if you believe the call is genuine and to your advantage, (in which case take appropriate independent financial advice before phoning the business back on a publicly listed telephone number).

NEVER reveal any personal or financial information to cold callers.

REMEMBER, art, land banks, rare earth metals, fine wine and similar investments are likely to be unregulated and potentially high risk investments. They may also be scams. If something goes wrong you could lose all you money!

The Financial Conduct Authority has a range of information in its website about common investment scams. It also has a list of firms to avoid.

  • Make a scam/rogue trader complaint to Trading Standards via Citizens Advice Consumer Service on 03454 040506.
  • Warwickshire Trading Standards Website Facebook Twitter
  • Sign up to scam alerts at www.warwickshire.gov.uk/scams
  • Please feel free to pass on or re-publish this email alert
09-09-2016 10:45 AM BST

Warwickshire Trading Standards has received a number of complaints from sellers on Ebay that they have become victims of fraud.

In one case an Ebay seller was advertising sports equipment. The equipment was purchased and paid for using PayPal. They were then collected in person by the buyer. Some time later the seller then received an email from PayPal stating that a chargeback was being made and the payment for the equipment was being removed from their (the sellers) account. The reason given by PayPal was that the buyer had claimed they had not received the goods, despite having collected them and telling the seller that he was happy with his purchase. To further cover his tracks, the purchaser had claimed that he was experiencing problems with his Paypal account.

This is an example of chargeback fraud. Fraudsters purchase goods on Ebay and other auction websites and pay using PayPal. As soon as they have received the goods they claim they were never sent and seek to get their money back via a Paypal chargeback, leaving the seller without his/her goods and payment.

Sellers can help protect themselves by shipping to a confirmed address using a trackable service.

Fraudsters will seek to target sellers who send their goods via untracked services or try to collect the goods in person.

Sellers are strongly advised to send high value items via recorded delivery. If the buyer is collecting the goods, consider asking for payment in cash on collection.

Sellers should also scrutinise the buyer's feedback carefully, to see if there is any previous evidence of chargeback activity, especially before sending high value items.

  • Make a scam/rogue trader complaint to Trading Standards via Citizens Advice Consumer Service on 03454 040506.
  • Warwickshire Trading Standards Website Facebook Twitter
  • Sign up to scam alerts at www.warwickshire.gov.uk/scams
  • Please feel free to pass on or re-publish this email alert