Investors warned over growing fraud threat

INVESTORS have been warned against fraudsters using the names, registration numbers and addresses of regulated firms and individuals.

The Financial Services Authority (FSA) has reported a dramatic increase in scams by overseas fraudsters assuming the identity of genuine firms in a bid to convince consumers of their legitimacy. The FSA said some scams featured cloned websites which appeared identical but with different contact details.

It warned anyone receiving a unsolicited call or e-mail from a firm which they are not a customer of to ask for the contact details of the caller; check the firm or individual's status on the FSA register; and call them back on the switchboard number provided on the FSA register to ensure the call was from the legitimate firm.