One of the downsides to the ever advancing technology is the ease with which people can fall prey to so called scammers.
I heard recently about a fellow professional who was caught out in an unfortunate and, ultimately, expensive sting.
He was contacted by email by the scammer masquerading as a client asking him to transfer £20,000 into a bogus account. It was only when the scammer came back a second time by email asking for a further transfer to be made that he smelt a rat.
It turned out that the completely credible email, containing the correct names of husband and wife clients, was a total scam.
The IFA in question was left will no alternative but to repay the £20,000 to his clients.
Here at Phillip Bates & Co Financial Services, we have a long-standing policy of always contacting our clients if we receive an email or letter asking us to making bank transfers.
This is just one example of a scammer in action. There are plenty more too good to be true investment “opportunities” that we should all be on our guard against. Some of the usual suspects include Caribbean holiday homes, storage pods and carbon credits.