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02 Apr 20
Coronavirus – Be Scam Aware
Are you feeling nervous about your pensions and investments? If so, it’s natural to be worried. The current global situation is completely unprecedented. It could not have been predicted and its impact has been wide and far reaching.
Investors are urged to stay calm and not make any rushed decisions about their pensions and investments. Markets are currently volatile and will likely remain so until the crisis is over. Therefore, it’s very important not to make any snap decisions regarding your finances at this time.
Be Scam Aware
One thing that investors should be more aware of in the coming days are potential scams. Unscrupulous individuals are using the Coronavirus crisis to capitalise on people’s fears and obtain money fraudulently. During lockdown and self isolation, people are spending more time online. They are also worried about their finances so this is unfortunately the perfect opportunity for scammers to pounce.
Take Extra Care
George Critchley, Chairman of True Bearing Chartered Financial Planners says; “Fraudsters always look for the vulnerable to target. This crisis makes more of us vulnerable. Isolation is the fraudster’s friend. To ALL of our local community we say, take extra care.”
From texts and emails pretending to be from your pension provider, to telephone calls trying to get your bank details. It seems like scams are everywhere these days so make sure you don’t fall victim by learning how to avoid them. There are some simple steps from The Money Advice Service that you can follow to keep yourself safe.
There are lots of well-known scams, such as the Nigerian email fraud, but scammers are getting more convincing and their use of technology is improving. However, if something sounds too good to be true, then it usually is. If you’re not sure about whether it’s a scam or not, then the FCA have a useful ScamSmart section on their website.
You can also check that a company such as True Bearing is legitimate by checking the Financial Conduct Authority (FCA) website. Every firm that is regulated by the FCA will appear on the website. Additionally, you can check individual advisers by using the Personal Finance Society website.