‘Diamonds are forever, They are all I need to please me’. So sang Dame Shirley Bassey in the Bond movie of the same name and it’s true.
Diamonds are incredibly strong and durable and have been known to put a smile on a face or two, but the latest report from Citizens Advice suggest that there might be a few sad faces out there too.
The latest report on financial fraud lists the following scams:
– Investments promising fake dividends
– The offer of fake stocks and shares
– Investing in fine wines
– Purchasing diamonds that are either fake, poor quality, over priced or just non existent
We are still living in a world of low interest rates, with the threat of lower rates. Savers desperate to earn some interest on their money are drawn by promised high returns – the report refers to an individual who invested £65,000 on the promise of a 3% per month income. We’ve said it before: if it’s too good to be true, don’t touch it.
We all say we’re wise to the scams and can spot a fraudulent web site and yet fraudulent investment cases were up 64% last year and Financial Fraud UK states that £133.5 million was lost in this way last year……and to make things worse, phone banking fraud was up 92%. The scams will evolve and become more elaborate.
We can’t completely stop fraudsters but we can only offer these suggestions:
Don’t buy from ‘cold’ phone callers or at your front door – if it’s too good to be true, don’t trust it. If you’d like a second opinion, we’d be happy to help.
If you would like more information on investment planning centred on your personal circumstances, please contact us >>