Investment Scams
9 February, 2023Investment Scam Tricks To Watch Out For
We’ve been made aware of a continued and significant increase in the past few months often targeting people over 50 who may be looking for an opportunity to top up their finances ahead of retirement. Scammers are using deceptive and elaborate techniques using the names and branding of well recognised Credit Unions and investment firms.
- Sense of urgency created by scammers: Beware of limited windows to transfer the money.
- Building Trust: Scammers may build trust by returning initial investment returns as promised. However, after a few returns on investment, you may notice that the scammers are unable to make investment returns on time.
- Secrecy Request: Scammers may often advise that you should not disclose this investment to your friends and family.
- Unrealistic Returns on Investment: Exercise caution when you are promised very high returns and little to no risk on the investment.
- Recovery scams: Scammers are contacting people who have already fallen victim to an investment scam, promising to recover their money but requiring an upfront fee first, sometimes describing it as a ‘retainer fee’ or ‘processing fee’. The recovery scam often comes from the same criminals behind the original investment scam, or else the victim’s personal information has been passed on or sold to other criminals.
How to keep yourself safe:
- Take your time: You should do your due diligence and take as much time as you need before committing your money to any investment as there are very few legitimate investment opportunities that require you to hand over or transfer money immediately.
- Research thoroughly: Check the individual and firm for qualifications, credentials, reputation, Google reviews search, and history.
- Verify the Information: Check all information with a trusted third party such as a legal/financial professional and consult family and close friends.
- Check again: If you have made an investment in recent weeks or months it is always worth checking the details again and verify the investment firms details through an independent and reputable source.
If you are in any doubt before you withdraw funds from your credit union account, please contact us directly.
Please see our Payment Services Framework Contract below for more information on how to protect your account and what to do in the event of suspected fraud.
EU PAYMENT SERVICES REGULATION 2018-PSD2-Claddagh CU