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Investment scams: FCA gives consumer self-help more pizazz

The Financial Conduct Authority has turned to mobile Augmented Reality for more pizazz in its consumer self-help campaign.

scam aware

In a new update to its ScamSmart campaign, the FCA says reports of suspicious investment opportunities have increased massively in recent years. Unsurprisingly, people struggling to get a loan or looking for a higher return on their pension or investments can be more vulnerable to scams.

The AR experience uses everyday objects to remind mobile users of the main warning signs:

Phone. Unexpected contact: scammers can cold-call or text, but contact might also come from online sources, or in person such as at an exhibition or seminar.
Piggy bank. Unrealistic returns: scammers promise tempting returns that sound too good to be true.
Clock. Time pressure: scammers might offer you a bonus or discount if you invest before a set date.
Book. False authority: Scammers might use convincing literature and websites, or claim to be regulated (or authorised) by the FCA when they’re not.
Leaflets. Social proof: scammers might share fake reviews and claim other clients have invested.

Read the full FCA update including how to access the AR experience.

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