Investment scams defraud more than 800 people in West Mercia

West Mercia Police are warning investment scams are becoming increasingly sophisticated.

Detective Constable Will Horton from the West Mercia Police Economic Crime Unit is warning the public to remain vigilant: “If you’re contacted out of the blue about an investment opportunity, the chances are it’s a high-risk investment or a scam. Criminals usually cold-call but contact can also come by email, post, word of mouth or at a seminar or exhibition. Some scams are often advertised online too.

“In 2022, we recorded 897 victims of investment and advance fee scams in Herefordshire, Shropshire and Worcestershire who were targeted by criminals that are not comical or the friendly con-artists we see portrayed on TV or in the movies: they are well structured, well-funded and ruthless organised criminal groups.

“I want to reassure the public that we are working tirelessly with our colleagues in national and regional agencies to uncover these criminals and bring them to justice.

“If you get cold-called, the safest thing to do is hang up. If you get unexpected offers by email or text, it’s best to simply ignore them.

“Callers may pretend they aren’t cold calling you by referring to a brochure or an email they sent you – that’s why it’s important you know how to spot the other warning signs:

• Unexpected contact – traditionally scammers cold-call but contact can also come from online sources, eg email or social media, post, word of mouth or even in person at a seminar or exhibition.
• Time pressure – they might offer you a bonus or discount if you invest before a set date or say the opportunity is only available for a short period.
• Exclusivity - scammers might claim that you’ve been specially chosen for an investment opportunity, and it should be kept a secret.
• Social proof – they may share fake reviews and claim other clients have invested or want to take up the deal.
• Unrealistic returns – fraudsters often promise tempting returns that sound too good to be true, such as much better interest rates than elsewhere. However, scammers may also offer smaller, more realistic returns to seem legitimate.
• False authority – using convincing literature and websites, claiming to be regulated, speaking with authority on investment products.
• Flattery – building a friendship with you to lull you into a false sense of security.
• Remote access – scammers may pretend to help you and ask you to download software or an app so they can access to your device. This could enable them to access your bank account or make payments using your card.

“The most important advice we can offer is to remember that YOU are in control and to not be rushed or coerced into making any decisions.”

For the next two weeks, the FCA (Financial Conduct Authority) will be highlighting ways to protect yourself and your money and we will If you would like more information from them about ScamSmart and other invaluable advice on keeping you and finances safe, visit their website here fca.org.uk/scamsmart

If you have or think you have been a victim of fraud, please contact Action Fraud immediately. You can report fraud or cybercrime to Action Fraud any time of the day or night using their online reporting tool. You can also report to Action Fraud by calling 0300 123 2040 Monday to Friday 8am - 8pm. If you are calling from abroad please call +44 300 123 2040.