Watch out for the ‘scammer in the suit’, say Citizens Advice

Citizens Advice said more people were falling victim to scammers posing as professionals from financial and legal services. 

Such cons now account for a fifth of all scams reported to the organisation’s Consumer Service, according to new data.

There was a six per cent increase of these types of professional and financial scams reported in the past financial year, with many victims being scammed out of thousands of pounds.

Citizens Advice and Trading Standards are now sharing tips on how to avoid being scammed.

Investment scams in particular — such as cryptocurrency, binary option investments, holiday timeshares — are on the rise, as the number of cases reported to Citizens Advice doubled this year compared to last.

One working mother reported a cryptocurrency investment scam in which she had initially invested a total of £40,000 in what she believed was Bitcoin.

Citizens Advice is urging anyone who thinks they may have been targeted by a scam to report it to authorities, through Action Fraud and the Citizens Advice consumer service on 03454 04 05 06, or 03454 04 05 05 for Welsh language speakers.

Gillian Guy, chief executive of Citizens Advice, said: “Fraudsters are using new technology to peddle old tricks, posing as trustworthy professionals with persuasive offers.  

“Anyone can fall victim to these sophisticated scams, but all too often it’s the victim rather than the scammer who are left feeling sheepish. 

“This isn’t right, so we want to break down the stigma around these serious crimes, which are targeted across all levels of society, yet remain under-reported.

“People can take action and report any potential scams to the authorities so scammers aren’t walking away with your money in their bank account.”

Scam ads are said to have exploded across social media platforms over the last year, with victims taken in by their professional appearance and use of well-known faces.

Industry figures like self-styled Money Saving Expert Martin Lewis have called for greater regulation of these adverts.

Types of scams to beware of include cryptocurrency websites claiming to offer investments in funds like Bitcoin, bogus solicitors and holiday timeshare buyers.

Advice tips on how to avoid a scam:

• Be suspicious if you’re contacted out of the blue, even if it’s from a name you recognise.
• Don’t be rushed — you never need to make a decision straight away.
• If it sounds too good to be true, it probably is.
• Be wary if you’re asked to pay in an unusual way (such as vouchers).
• Never send money to someone you have never met.
• Never give out your bank details unless you are certain you can trust the person contacting you.
• Walk away from job ads that ask for money in advance.
• Genuine computer firms do not make unsolicited phone calls to help you fix your computer.
• Suspect a scam? Hang up, wait five minutes to clear the line or use another phone to call.
• Don’t suffer in silence — speak out about scams.