Listen now – It’s Your Money, episode 3: ‘How to avoid scams, and what to do if you’re a victim’
1. Do a real world sanity check . Whether that’s going to see a car before buying it, seeing a solicitor in person or calling a verified number for your bank. Just take a pause, and don’t allow someone on the end of a phone line to rush you. A bit of due diligence could save you a life changing amount of money.
2. If you do suspect you’ve been scammed, timing is of the essence. Contacting your bank in the first hour or two can usually block a fraudulent transaction, after that it’s the police you want. But don’t get your hopes up of seeing your money again. Unless you can prove the bank failed in its duty to stop criminals setting up their account, it can be very hard to get compensation.
3. If an investment opportunity offers high rates of return, low risk or even “guaranteed” returns, it’s probably too good to be true and you should leave well alone. For more sane and practical advice listen back to episode 2 where we talk about some of the more stable and regulated ways to grow your money.
To get in touch, email email@example.com or phone our voicemail number at 07523 039447.
And visit www.telegraph.co.uk/moneypodcast for more.
Other useful links and contact numbers:
Action Fraud – 0300 123 2040 and https://www.actionfraud.police.uk/contact-us
The Financial Conduct Authority – https://www.fca.org.uk/consumers
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