What is meant by "boiler room" fraud?
This is a common scam whereby fraudsters pose as sales people and contact unsuspecting individuals to offer them seemingly exciting investments, such as buying of shares.
The victims are lured in by the promise of a great deal or pressurised into buying by a pushy salesperson
The investment then proves to be worthless, impossible to sell or non-existent.
Find out the four warning signs of boiler room fraud.
Cold calls: If you have been approached out of the blue, be on your guard.
Too good to be true: Boiler room fraudsters try to tempt victims with fantastic deals. If it sounds too good to be true, it probably is.
Persistent tone and sense of urgency: Fraudsters will often try to convince their victims that they need to move quickly or they will miss out on a great opportunity.
Overseas accounts: In the past, a common indicator that the sale was fraudulent was when investors were instructed by the boiler room fraudsters to send money to accounts based overseas. However, there are more and more reports of British bank accounts being used.
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