Over the next few weeks and months, people will potentially be spending more time on social media and browsing the web.
We’ve all seen the scam adverts, but in a recent survey, we did with YouGov, of the 43% of people that claimed to have seen a scam ad online only around 20% actually report that ad to the network or website as a potential scam.
When times are most volatile, the most vulnerable are most desperate and susceptible.
Scammers, are still out in force, so as well as reporting them to the FCA, it’s important to report these adverts to the network when you come across them, not just ignore them. Reporting them to the networks will help block the advertising accounts the scammers are using.
It’s not just online scams either. Phone scams are doing the rounds of criminals pretending to be from the phone internet company saying that they are about to cut the phone/internet and need you to “press a few buttons” on your computer to help.
To report an advert, there will usually be a “x” in the top right-hand corner. Look for that and report it as appropriate.
For more information on how financial scams work you can see our guides on the various typical different types:
- Bond Scams: The rise of fixed income scams and how to avoid them
- Pension Scams: How To Spot, Avoid and Report Them
- How To Spot & Avoid Investment ISA Scams
- FCA joins Instagram to warn on Forex and Crypto online trading scams
- Is Instagram a den of trading scams?
Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.