KEEP YOUR NEST EGG AWAY FROM FRAUDSTERS

THERE are conmen around every corner trying different tricks to get their hands on your hard-earned cash. Watch out for these four scams:

FAKE SHARE TIPS

A PROFESSIONAL sounding stockbroker will telephone you out of the blue to offer you what appears to be an incredible investment opportunity.

You’ll get sky high returns for very little risk, they will say, before adding this is a rare deal and you must move fast. All you have to do is transfer some cash into their bank account. But if you do, you’ll never see your money again. These firms are not authorised by the City regulator, the Financial Conduct Authority. This means you don’t have the same rights of redress as those who invest in listed firms. You can check if a firm is authorised by calling 0800 111 6768, or online at fca.org.uk/register.

But be aware that some companies will use professional sounding names or even pose as a legitimate firm. So never give money to a cold-caller and never invest in something you don’t know anything about.

STEALING YOUR PENSION CASH

FRAUDSTERS know that since last April, people have had direct access to their retirement savings and can withdraw lump sums. So they are bombarding people aged 55 and over with bogus investment opportunities.

If you invest in these fake deals you could lose your life savings and have nothing left for retirement.

They might try to lure you in with a free pension review. Other conmen try to trick victims into pulling money out of pensions early.

If you withdraw money before you turn 55, you can be hit by the taxman, with charges as high as 55 pc.

Stay alert: con artists can approach you by post, email or phone. If you are in any doubt, take advice from a registered independent financial adviser.

If you think you may have been targeted by fraudsters, contact Action Fraud on 0300 123 2040.

HIJACKING YOUR COMPUTER

THE most common type of email scam is ‘phishing’. You receive an email pretending to be a financial services company, such as your bank. It will request you to click on the link provided, use your personal details to log into your account and confirm your password.

But if you do, the information will be fed straight to the fraudster and they can then use it to raid your account. And there’s little chance of getting your money back. Never follow a link in an email and enter your account details, no matter how convincing the email looks. Your bank will never email asking for personal information.

...AND TAKING OVER YOUR PHONE

ANY type of fraud carried out over the telephone is known as ‘vishing’. Fraudsters will trick you into passing over personal details or handing over cash on your doorstep.

Usually they will pretend to be from your bank or another company you deal with which has access to your details. Often they say there has been fraudulent activity on your account and they are trying to help you.

The criminals will usually already have your name, address, phone number and bank details — enough to make you believe they are a genuine caller.

They will get you to transfer your money to an account they have access to or they may send a courier to your address to collect your bank card.

Fraudsters may tell you to call the number on the back of your debit or credit card if you doubt their authenticity. But then they will wait on the line and pick up after you dial or they will use ‘number spoofing’ in which the correct number comes up on your caller display when they phone so you think they’re genuine.

No bank will ever call you out of the blue to ask for personal information. So just hang up.