Disturbed call recipients have been offered a new toy this month by electricity companies. A plug-in device that promises to save 40% of your energy bills for a not-so-small price starting at £99. The callers are alleged scammers, falsely claiming to be from energy suppliers or regulators, such as “British Gas.” Unfortunately, among the recipients, it is the elderly that are likely to be targeted as Moneyfacts.co.uk report.
The National Fraud Intelligence Bureau has been informed recently of a supposed investment scam aiming at potential investors. The alleged victims are told that IKEA, the world recognised swedish company known for their modern architectural designs of both appliances and furnitures, are due to float shares on the stock market and therefore potential investors should purchase IPO shares (Initial Public Offering) before the floatation.
In response, actionfraud.police.uk and Ikea have themselves issued an article stating that this is false and there are no arrangements for Ikea to become publicly listed.
This described fraud comes under the umbrella of what is called ‘Boiler room Fraud.’ This is when you receive contact from someone offering investment opportunities which often leads the caller requesting a ‘seal the deal’ payment by requesting bank account details over the phone. The Financial Conduct Authority (FCA) report approximately 5000 people a year contact them on suspicion that they have been subjected to investment fraud. Unfortunately, around 10% would have already issued funds to the criminals. In addition, the FCA warns that out of these victims who would have transferred money to the criminals, the probability that they will be contacted in the future by the the same operation or have their details sold to other fraudsters would be increased.
We used www.financial-dictionary.thefreedictionary.com:
Floatation: Floating shares are shares of a public cooperation that are available for trading in the stock market
Initial Public Offering (IPO): The first price for which a company offers to sell stock in itself when it moves from private ownership to public trade.
We also acknowledge actionfraud.police.uk for their content published on the 13th of June: Beware of cold callers offering fraudulent sales of shares in IKEA.
Mid May brought a new study published by Ofcom getting down to the nitty gritty extent of these nuisance calls. This study involved 926 participants who kept a diary to record all unwanted calls received on just their land-line over a 4 week period between 13th of January and the 9th of February 2014. Critical findings were accumulated such as the number, type of number, whether the number was identifiable or not, frequency and type of organisation making the phone call.
Here is what the survey revealed..
With more than a thousand complaints registered to Which every week for ‘nuisance’ calls, fines for companies breaching TPS’s and Ofcom’s rules reaching fines up to £2m, how does this industry still remain afloat? Below we have listed a few points that is the hidden driving force, not always appreciated by a frustrated recipient understandably. Knowing what drives this industry of world-wide communications is knowing that there isn’t an over-night solution. But there are solutions! Keep up with our blog to find out what they are.