Banks Block Share Boiler Room Scams
Published / Last Updated on 13/07/2009
Banks Block Share Boiler Room Scams
Share scams known as ‘boiler room’ scams are now being actively targeted by banks.
A ‘boiler room’ operates by telephoning unsuspecting investors with lucrative promises of steady and stable returns.
Pressure techniques and clever ‘sale closing’ techniques are used to encourage you to part with money.
We have met with a number of new clients who have been victims. The FSA suggest there are around 30,000 people affected each year although we suggest more as many will not admit they have been scammed. In a report on the BBC, Barclays claim to have spotted and blocked around 150 potential scams this year.
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