Menu
25/11/2003
Britons warned to be wary of investment cons
A new drive has been launched today to stop Britons from being conned out of millions of pounds through bogus investment schemes.
The DTI today published new advice on how to avoid being conned by investment scams - which have relieved Britons of around £350 million.
Hundreds of thousands of people have been targeted with offers to invest money in art, wine, jewellery, worthless shares and even property for development.
Unsolicited approaches are accompanied by exaggerated claims about the likely returns, when in fact the goods turn out to have little or no real investment potential, or may be sold at such an inflated price, a loss is almost guaranteed.
Consumer Minister Gerry Sutcliffe: "The operators of these scams are very persuasive and it is often people who can least afford to lose the money who are being targeted.
"I want anyone who is tempted to invest their money to think very carefully about anything which sounds too good to be true.
"We will continue to pursue the fraudsters and shut down their companies. But prevention is better than a cure. If people are aware of the warning signs, they won't be taken in in the first place - even when new scams come to light."
The public are being warned to always take independent professional advice before deciding on an investment and beware of pressure to make a quick decision and never sign up to anything immediately, or without a 'cooling off' period. Most importantly, consumers should never give out bank account numbers, credit card numbers or other personal information to people or organisation unknown.
If an investment appears to offer exceptional or guaranteed returns, people should ask themselves: do I really know what I am buying?; can I afford to lose the money I am investing?; does it look too good to be true?
The DTI estimates that UK consumers have so far invested £200 million in property scams, £10 million in art frauds, £50 million in counterfeit wine and £100 million in other bogus schemes including shares.
(gmcg)
The DTI today published new advice on how to avoid being conned by investment scams - which have relieved Britons of around £350 million.
Hundreds of thousands of people have been targeted with offers to invest money in art, wine, jewellery, worthless shares and even property for development.
Unsolicited approaches are accompanied by exaggerated claims about the likely returns, when in fact the goods turn out to have little or no real investment potential, or may be sold at such an inflated price, a loss is almost guaranteed.
Consumer Minister Gerry Sutcliffe: "The operators of these scams are very persuasive and it is often people who can least afford to lose the money who are being targeted.
"I want anyone who is tempted to invest their money to think very carefully about anything which sounds too good to be true.
"We will continue to pursue the fraudsters and shut down their companies. But prevention is better than a cure. If people are aware of the warning signs, they won't be taken in in the first place - even when new scams come to light."
The public are being warned to always take independent professional advice before deciding on an investment and beware of pressure to make a quick decision and never sign up to anything immediately, or without a 'cooling off' period. Most importantly, consumers should never give out bank account numbers, credit card numbers or other personal information to people or organisation unknown.
If an investment appears to offer exceptional or guaranteed returns, people should ask themselves: do I really know what I am buying?; can I afford to lose the money I am investing?; does it look too good to be true?
The DTI estimates that UK consumers have so far invested £200 million in property scams, £10 million in art frauds, £50 million in counterfeit wine and £100 million in other bogus schemes including shares.
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
05 January 2006
Millions duped by scams in Britain, report claims
Around five million British adults have been fooled into responding to a variety of scams, new research has claimed. A survey of over 1,000 adults by consumer magazine Which? identified the most successful con as the use of prize phone lines, which encourage people to call premium rate numbers in order to claim prizes.
Millions duped by scams in Britain, report claims
Around five million British adults have been fooled into responding to a variety of scams, new research has claimed. A survey of over 1,000 adults by consumer magazine Which? identified the most successful con as the use of prize phone lines, which encourage people to call premium rate numbers in order to claim prizes.
15 October 2003
New agreement to see crackdown on international scams
A new level of co-operation to crack down on the menace of international scams has been announced by the Department of Trade and Industry. UK consumers have in the past fallen victim to bogus Canadian lottery scams, and dubious e-mail approaches urging people to part with their money often originate from overseas, the department said.
New agreement to see crackdown on international scams
A new level of co-operation to crack down on the menace of international scams has been announced by the Department of Trade and Industry. UK consumers have in the past fallen victim to bogus Canadian lottery scams, and dubious e-mail approaches urging people to part with their money often originate from overseas, the department said.
31 March 2004
Progress in cutting hunger has 'ground to a halt'
With more than 36 million people dying every year from hunger, progress in eliminating malnutrition has "virtually ground to a halt", according to the UN.
Progress in cutting hunger has 'ground to a halt'
With more than 36 million people dying every year from hunger, progress in eliminating malnutrition has "virtually ground to a halt", according to the UN.
18 February 2014
Poundland To Get LSE Floatation
The high street discount store Poundland is to float on the London Stock Exchange. It is understood that shares in the company are to be offered to institutional investors but it is not yet known how much Poundland hope to make in the sale.
Poundland To Get LSE Floatation
The high street discount store Poundland is to float on the London Stock Exchange. It is understood that shares in the company are to be offered to institutional investors but it is not yet known how much Poundland hope to make in the sale.
03 October 2013
Chinese Investment Group Want To Rebuild The Crystal Palace
A Chinese investment group have unveiled plans to build a replica of the Crystal Palace on the same site as the old building, which burnt down in 1936. The original Crystal Palace was built in 1851 in Hyde Park, before being moved to the Crystal Palaca in 1854.
Chinese Investment Group Want To Rebuild The Crystal Palace
A Chinese investment group have unveiled plans to build a replica of the Crystal Palace on the same site as the old building, which burnt down in 1936. The original Crystal Palace was built in 1851 in Hyde Park, before being moved to the Crystal Palaca in 1854.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
