INVESTMENT SCAMS TOWARDS THEIR DEFINITE EXTINCTION

1. INVESTMENTSCAMS:TOWARDSTHEIR DEFINITEEXTINCTION Theinternethas openedupnewvistasforscammers.Evenasaccesstoinformationhas been democratised following easy-to-operate technology, the explosion of interest in widening investments has seen matching interest in the scamming of susceptible investors. Scammers have mastered the nuances of website designing and digital marketing. Therefore, it should not come as too much of a surprise if clone firms of infamous names start to appear on social media platforms as fully legitentities. Investment scams are thus going to proliferate like viruses. We must mask up against them and observe the right hygiene by being selective to the media we process. We should be able to spot ‘‘scammy’’ material and give it no more than the barest iota of our precioustime. The FCA Financial Services Register: caveatemptor The FCA Financial Services Register is the first bulwark against investment scams. It is themagnifyingglassthruwhichnewcharacteristicsofnewentitiesbecomecrystalclear

2. to our naked eyes. Clone firms masquerading as the real McCoy are much more easily identifiable when viewed thru the FCA Financial Services Register’sRegister’s lenses. So itreallypaystofamiliariseourselves withtheRegister. In the UK, close to all financial services activities must be authorised by the FCA. This is because,accessingtherightinformationaboutthecompetenciesofferedbyauthorised firms is thus at the investor’sfingertips. The FCA Financial Services Register:uses The Register exists to help you confirm immediately if the entity you are trucking with is the real McCoy. There are all the authorised firms with descriptions of activities that they have officially permitted on the list. Aside from this vital info, you can advise how best you may be protected against the unlikely event of any misdemeanour on the firm’s part. Such information andadvice are informative, allowing you to see institutionalsafeguardsagainstwilfulwrongdoing.Companies’presenceinthelistitself fairly assures the investing citizenry of bona fidegood intentions. The above information demarcates the clear from the murky. When we enterthe scammers’lair,wewillbecarryingtheantidotetotheirpoison. Just make sure that the firm in question has obtained permission regarding theactivity type being offered as a service to you. The contact details listed on the Register are as the address on your passport. That’s theverifiedaddress thatestablishes identity.Youshouldsmellaratwhenafirminvites youtoanaddressoysterthanthatgivenintheRegister. Definitelyfishy,that! The Emperor’s New clothes: clone firms andindividuals Clone firms are scammers masquerading as legit FCA authorised entities. Once they identifyyouasone searchingforbrokersonline,theybombardyouwithnottoosubtle emails and text messages. They may call you. They may even give you a house call, gettingyourattentionsimplybecauseitescapesyouthatverifyingcompanyemployees

3. is doable. But when a famous firm is cloned, it’s like those Korean high-fashion look- alikes. The takes here are incomparably high,however. • The ‘‘firm registration number’’ or FRN ought to be checked against theFCA Register • discussed above. • Clone firms investment scams – ‘‘slippery as aneel’’ • Believing you to be completely ‘‘wet-behind-the-ears’’, clone firms will approach you witha closetoanauthenticcopyoftheoriginalwebsite.Oncetheyfeeltheyhavelulled you into sufficient complacency, they will give you contact details that are, for obvious reasons, nothing like the real deal (on the FCA Register). Some Register-listed firms are located overseas; however, their full contact details on the Register are non-existent. This strengthens our imposters here, who make out that they are related to those overseas firms. There being no infirmed address, the clone firms get a lease of believability. • One easy lie that’s easily caught is when a clone firm claims that the FCA Register has an out of date address or contact detail. Such details are updated every evening, so there you have thetrouble-maker! • A good reason never to click links given in investment scam emails would be that one of these could lead you to fake FCA websites, even ersatz FCA Register websites! There being fake details of fake employees on the fake website, you must know the ‘‘feel of the real deal. The extent to which these scammers go is actuallyludicrous! • Investment scams : a prolificfamily • Investment scams can be part of an extended family. At least, there are so many investment scams of like nature that you’d be surprised. The scammers’ hubris makes them feel great contempt for the intelligence of the common investor. The extended family of investment scams mayinclude • Cryptocurrency investmentscams,

4. Forex tradingscams, • Get-rich-quick, Ponzi, and Pyramidschemes, • Land banking investment schemes, • Rare earth metal investmentscams, • Restricted US sharescams, • Unregulated investmentscams, • Share, bond, and boiler roomscams. • CryptoAssetscammersliketooperateviasocialmedia.These posts,carryinglikenesses • of celebrities, carry links that lead up to authentic-looking websites. Visiting investors then are coaxed into sinking their funds into dubious crypto assets. Though declaring themselves to be UK entities, these firms have indistinct overseas provenance. These investment scams are also known to block withdrawals, even asking for further remittances before withdrawals areeffectuated. • Caveats • The FCA only regulates derivatives like CFDsand futures contracts and ‘‘deemed securities’’. They do not, however, regulate actual cryptocurrencies. As such, you will have no access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if you opt for trucking with cryptocurrency investment scam operators. • A common thread running through all the investment scams detailed above: you may even be treated todecent returns on your new investments in the fakE firm. However, soon enough, there will come a stage where there will be no more ROIs. The customer support staff will become unresponsive. Finally, uttersilence. • Share, bond, and boiler roomscams • Cold calling investors from boiler rooms, scammers offer targeted investors worthless, overpriced, even imaginary bonds and shares. These scammers promise to be greatly skilled in buying and selling bonds and shares, bringing in high profitability. The sales pitchisreallyhighpitched,withthescammersevenusingseminarsandprintmedia.

5. Presenting themselves as genuine opportunities providers, they will convince investors of their wealth ofexpertise. Glibsnakeoilsalesmendon’thaveanythingonthesescammerswiththegiftofthegab. Theycouldsellyouwhatdoesnotexist;theycouldoffertogetyouthehighestpossible price for shares you do own. Finally, they will accept advance payments from you- as security, promising to give you the fullest payment on condition of the sale going ahead. EnterPIMFA Thetradeassociationforfirmsprovidinginvestmentmanagement,investmentservices and advice from individuals to companies, the Personal Investment Management & FinancialAdviceAssociationsorPIMFAhas fullandassociatemembers.Whilethelatter serves the PIMFA community, members of the general public can access a wide range of consultations available thru fullPIMFA members. The members are pledged to the goal of optimised investment actualisation. They also stand for transparency in investmentprocesses. Continue Reading…….