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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)
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