Signs that should set the alarm bells ringing include:
Unrealistic returns – watch out for fraudsters promising tempting returns that sound too good to be true, such as much better interest rates than elsewhere. To begin with, Kevin thought things were going well. He followed the instructions provided and working with the manager the cash in his account went up to £87,000.
"But when the account dropped to £10,000 I was really worried. I didn’t know how I’d pay next month’s bills and I was paying about £500 a month interest on the credit card bills. He says he may be forced to sell his home and one of his options would be to downsize to a much smaller property to plug the gap in cash.In March last year, Plusoption was added to the city watchdog's list of companies to watch out for - but by this point it was too late for Kevin.
Kevin says he's disappointed the banks haven't done more as one of his other providers, Capital One, stopped payments to Plusoption as they thought the firm seemed suspicious, so he doesn't understand why others didn't do the same. Monitor your credit report for suspcious transactions or credit requests as fraudsters may try their luck again.
I was looking for the bit in the story where he sought advice from a financial expert.
Scammers often exploit our insatiable appetite for more money. Be happy with what you have. Anyone who promises to make you rich just wants to take advantage of you.
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Source: BBCNews - 🏆 3. / 97 Read more »