Police have issued real phone calls from fraudsters trying to trick people out of thousands of pounds to act as a warning to others.
The Boiler Room Scam is cold callers pressuring people into buying shares that promise high returns. In reality, the shares are either worthless or non-existent.
A spokesman for Action Fraud UK said: “As with many fraudulent schemes, you’re encouraged to keep your investment secret to ensure you receive maximum returns. This allows the fraudsters to hide the real nature of their scheme.
“Fraudsters aim to make their business seem legitimate, so they will often use technical jargon, impressive job titles and mock websites to appear credible.”
The police charity has issued some advice to protect others: “If you’re considering any type of investment, always remember: if it seems too good to be true, then it probably is. High returns can only be achieved with high risk.
“If you’re suspicious about a scheme’s authenticity, you should investigate the company’s status and contact details.
Visit the Financial Conduct Authority’s (FCA) ScamSmart site for advice on making safe investments.”