Which Areas Report More Scams

Published / Last Updated on 27/10/2017

Fake Fraud Financial CowboysWhich Areas Report More Scams?

The Financial Conduct Authority (FCA) is urging the public to get in touch if they have been contacted by a company offering what they think could be a fraudulent investment. This plea comes as new research shows more than a fifth (22%) of over 55s surveyed  who suspect they have been contacted about a fraudulent investment in the last three years, did not tell anyone about it. The most common reason given for not reporting was not knowing who to report to (49%).

  • Londoners report the most investment scams to the FCA followed by people from Birmingham and Belfast

To avoid being a victim of investment fraud think before you act.  We have a saying at financialadvice.net:  “You can only con a greedy person” and the common one we all know and should live by: “If it looks too good to be true it probably is”.

The FCA advises us all  to, at the very least:

  1. Reject unsolicited contact about investments.
  2. Check the FCA Register to see if the firm or individual you are dealing with is authorised and check the FCA Warning List of firms to avoid.
  3. Get impartial advice before investing.

You can report suspected investment scams to the FCA at www.fca.org.uk/scamsmart or call on 0800 111 6768.

So where are the top 10 ‘scam areas’ by volume of reported incidents to the FCA:

  1. London
  2. Birmingham
  3. Belfast
  4. Guildford
  5. Brighton
  6. Chelmsford
  7. Redhill
  8. Sheffield
  9. Joint 9th = Norwich, Reading