Watchdog calls time on scams

The financial watchdog has unveiled its plans to tackle new scams that have mushroomed as a result of the coronavirus pandemic.

Raw Deal revealed last week that such frauds had risen by more than 400% in the past two months.

The Financial Conduct Authority’s priorities include helping the most vulnerable by making sure finance firms give “strong and clear support” to customers.

The FCA said: “We want consumers to have access to high-quality advice and support, and be aware of how to protect themselves from scams and fraud.”

The regulator is proposing a campaign to help consumers make better-informed investment decisions.

This will build on its existing Scam Smart campaign, which highlights common tactics used by fraudsters.

During the current health crisis, over-55s who have already drawn down from their pensions have emerged as prime targets for scammers.

Criminals will often make too-good-to-be-true proposals, offering high returns on pension savings. Common types of these scams include overseas property developments, renewable energy bonds, storage units and biofuels. How to protect yourself: Avoid engaging in conversation with cold-callers. Always be wary of unexpected calls, emails and text messages as they could be from scammers. Even if a person has information about you, do not immediately treat them as being genuine.

Never give out personal information, including your bank details. Think about installing call-blocker technology on your phone.

Check the FCA Register to see if the firm or individual you are dealing with is authorised and check the FCA Warning List of firms to avoid.