Thursday 22 February 2018

Share scam fraudsters target cash of elderly investors

Central Bank warning to elderly

The Irish Stock Exchange and the Central Bank have warned people with investments to be on their guard. (Stock picture)
The Irish Stock Exchange and the Central Bank have warned people with investments to be on their guard. (Stock picture)
Charlie Weston

Charlie Weston

Elderly people who own shares are being targeted by fraudsters with a scam aimed at tricking them into parting with their cash.

Shareholders have been warned not to invest in "too good to be true" deals.

A spate of attempts by swindlers from overseas companies cold-calling investors and trying to scam money have been reported to the authorities.

The con artists tend to target people over the age of 55 and use psychological games to trap unwitting victims.

They will also use pressure tactics, such as forcing investors to act quickly or make decisions on a "special deal".

The Irish Stock Exchange and the Central Bank have warned people with investments to be on their guard.

Food group Glanbia recently warned its shareholders against what the company describes as "boiler-room" fraudsters.

Boiler-room scams are where fraudsters cold-call investors offering them worthless, overpriced or even non-existent shares.

They promise high returns, but people who take up the offers usually end up losing their money.

Last week, the Central Bank warned about a firm not authorised to operate here offering investment services.

Irish Independent

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