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apparently companies are calling mobile phones and immediately hanging up when the owner answers.
When the unsuspecting owner of the phone calls them back it turns out to be a company offering debt advice, but the call is being made at a premium rate.
This is doing the rounds on a few forums i frequent but i couldnt see it here so thought i would just give a heads up.
New Scam
#2
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Posted 08 February 2010 - 10:02 PM
Assuming it's not another hoax warning...
I don't know why people do that. If an unknown number were to ring me and then hang up I wouldn't feel any compulsion to phone them back.
Lao, on Feb 8 2010, 08:10 PM, said:
When the unsuspecting owner of the phone calls them back
I don't know why people do that. If an unknown number were to ring me and then hang up I wouldn't feel any compulsion to phone them back.
#3
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Posted 09 February 2010 - 09:36 AM
Same here, I would only phone back if it was a landline or 0800 number.
#4
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Posted 09 February 2010 - 10:22 AM
had an unsolicited call yesterday on a TPS registered landline, started off saying "don't hang up......"
guess what I did
number withheld of course
guess what I did
number withheld of course
#5
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Posted 10 February 2010 - 01:06 PM
I am a detective sergeant in the local Financial Crime Unit.
Since registering with MF, I realised I couldn’t start a thread until I’d posted something, so was just waiting for an ideal opportunity to pounce!
The Unit hasn’t received any reports of this scam, which is not to say it isn’t true. I might be kidding myself, but the public seems to be more aware of these things nowadays. However, some are not.
I am aware local residents have been contacted by UK debt collection agencies, who have obtained their contact details etc from published civil court lists. It’s entirely up to the individual if they wish to engage the services being offered. As in all walks of life, there will be good, bad and criminal enterprises touting for your business, so the buyer should always be aware. If in doubt, ask for some literature – reputable firms will always send it and I’ve often found that to be a handy gauge.
I joined MF intending to periodically post warnings about frauds affecting local residents. Having browsed the MF site for some time now, I realise you may not be my intended target audience – but I bet you will know someone who is. And that’s what it’s all about – education, education, education.
What follows is an Advisory Notice the Unit supplied to the entire financial sector earlier this year. Unfortunately, boiler room scams (investments scams) are reaching epidemic proportions and losses incurred by local residents are nothing short of horrendous.
Boiler room scams continue unabated, and Iocal residents continue to be victimised. The Isle of Man Constabulary has just recorded the second £1million loss suffered by a victim of this crime.
The following is a generic typology of the modus operandii employed by boiler room fraudsters, which may assist the finance industry in recognising potential victims.
A 'boiler room' is a bogus stockbroking company, usually based overseas, which cold-calls investors and pressures them into buying worthless or bogus shares. Historically, older people with previous experience of investments or share dealing are targeted. Typical local losses average around £40,000, and are increasing rapidly.
In the current economic climate, boiler rooms are starting to target high net worth victims or those who are not experienced investors, the latter initially being asked for smaller sums of money to invest. Many victims participate seeking to supplement their pensions.
Those operating the boiler rooms have developed new strategies to target investors, such as a promise to recover monies lost to the original boiler room, or to purchase these worthless or bogus shares, once an up-front fee has been paid. In addition, investors are being encouraged to sell previously highly regarded 'blue chip' company shares, such as banks and financial institutions and to invest in green or new technology shares marketed by the boiler rooms, or even to take out loans to fund new investments.
The fraudsters are usually well spoken and knowledgeable. They are also very persistent and may groom their victims for several years beforehand. They might call their victim several times with offers of research, discounts on stocks in small overseas companies, or shares in a firm that is about to float. Boiler rooms make their money in one of two ways: by simply taking money and walking away, or selling “shares” at vastly inflated prices and with exorbitant dealing charges.
Most victims purchase their “shares” by telegraphic transfer, with smaller amounts being paid by same day money transfer (Western Union, Moneygram etc). Where banks are utilised, it is evident in most cases that the victim has not sent money by this method before. Fraudsters also coach the victim in what to say to bank staff if challenged over transferring large sums of money. Generally, most payments are made to accounts in Spain and the USA but other jurisdictions, particularly in the Far East, also feature prominently. There are no known cases where the victim has sent money to the same country that the “broker” or “shares” purport to be in.
If the investor has access to the Internet, they may be directed to websites to monitor the share’s impressive performance, not realising the entire site is controlled by fraudsters. Soaring share prices often induce the investor to increase their holding. Often, when the investor attempts to sell their holding, the fraudster encourages them to reinvest their “profits” in another red hot share, and then introduces a minimum investment sum which is greater than the profit figure, so if the investor wishes to participate they are required to send more money.
If the investor insists on selling, they will then realise their shares are “restricted” - it sometimes states this on the share certificate, if the investor has one. The fraudster will demand fees upfront to de-restrict the shares and once the investor has paid these fees the fraudster disappears. It is during the selling process that victims usually realise they have been scammed. Intelligence suggests most boiler rooms operate from virtual office accommodation using virtual telephone numbers etc which are untraceable.
This Unit kindly requests that any person identified as a boiler room scam victim or potential victim, be furnished with a copy of this Advisory Notice and advised to seek independent financial advice. In blatant cases of deception, victims should be encouraged to consider reporting the matter to police.
Victims of boiler room scams are not likely to see their money again, mainly due to the length of time which elapses between them investing and realising they have been defrauded.
Stocks and shares should only ever be purchased from licensed stockbrokers, and not from strangers who cold-call them at home.
Thanks for taking the time to read the above – sorry it’s a bit lengthy. Your knowledge may now prevent a loved one etc from being victimised by these insidious criminals. Victims and potential victims of this type of crime should be encouraged to report the matter to their local police.
Mike
Since registering with MF, I realised I couldn’t start a thread until I’d posted something, so was just waiting for an ideal opportunity to pounce!
The Unit hasn’t received any reports of this scam, which is not to say it isn’t true. I might be kidding myself, but the public seems to be more aware of these things nowadays. However, some are not.
I am aware local residents have been contacted by UK debt collection agencies, who have obtained their contact details etc from published civil court lists. It’s entirely up to the individual if they wish to engage the services being offered. As in all walks of life, there will be good, bad and criminal enterprises touting for your business, so the buyer should always be aware. If in doubt, ask for some literature – reputable firms will always send it and I’ve often found that to be a handy gauge.
I joined MF intending to periodically post warnings about frauds affecting local residents. Having browsed the MF site for some time now, I realise you may not be my intended target audience – but I bet you will know someone who is. And that’s what it’s all about – education, education, education.
What follows is an Advisory Notice the Unit supplied to the entire financial sector earlier this year. Unfortunately, boiler room scams (investments scams) are reaching epidemic proportions and losses incurred by local residents are nothing short of horrendous.
Boiler room scams continue unabated, and Iocal residents continue to be victimised. The Isle of Man Constabulary has just recorded the second £1million loss suffered by a victim of this crime.
The following is a generic typology of the modus operandii employed by boiler room fraudsters, which may assist the finance industry in recognising potential victims.
A 'boiler room' is a bogus stockbroking company, usually based overseas, which cold-calls investors and pressures them into buying worthless or bogus shares. Historically, older people with previous experience of investments or share dealing are targeted. Typical local losses average around £40,000, and are increasing rapidly.
In the current economic climate, boiler rooms are starting to target high net worth victims or those who are not experienced investors, the latter initially being asked for smaller sums of money to invest. Many victims participate seeking to supplement their pensions.
Those operating the boiler rooms have developed new strategies to target investors, such as a promise to recover monies lost to the original boiler room, or to purchase these worthless or bogus shares, once an up-front fee has been paid. In addition, investors are being encouraged to sell previously highly regarded 'blue chip' company shares, such as banks and financial institutions and to invest in green or new technology shares marketed by the boiler rooms, or even to take out loans to fund new investments.
The fraudsters are usually well spoken and knowledgeable. They are also very persistent and may groom their victims for several years beforehand. They might call their victim several times with offers of research, discounts on stocks in small overseas companies, or shares in a firm that is about to float. Boiler rooms make their money in one of two ways: by simply taking money and walking away, or selling “shares” at vastly inflated prices and with exorbitant dealing charges.
Most victims purchase their “shares” by telegraphic transfer, with smaller amounts being paid by same day money transfer (Western Union, Moneygram etc). Where banks are utilised, it is evident in most cases that the victim has not sent money by this method before. Fraudsters also coach the victim in what to say to bank staff if challenged over transferring large sums of money. Generally, most payments are made to accounts in Spain and the USA but other jurisdictions, particularly in the Far East, also feature prominently. There are no known cases where the victim has sent money to the same country that the “broker” or “shares” purport to be in.
If the investor has access to the Internet, they may be directed to websites to monitor the share’s impressive performance, not realising the entire site is controlled by fraudsters. Soaring share prices often induce the investor to increase their holding. Often, when the investor attempts to sell their holding, the fraudster encourages them to reinvest their “profits” in another red hot share, and then introduces a minimum investment sum which is greater than the profit figure, so if the investor wishes to participate they are required to send more money.
If the investor insists on selling, they will then realise their shares are “restricted” - it sometimes states this on the share certificate, if the investor has one. The fraudster will demand fees upfront to de-restrict the shares and once the investor has paid these fees the fraudster disappears. It is during the selling process that victims usually realise they have been scammed. Intelligence suggests most boiler rooms operate from virtual office accommodation using virtual telephone numbers etc which are untraceable.
This Unit kindly requests that any person identified as a boiler room scam victim or potential victim, be furnished with a copy of this Advisory Notice and advised to seek independent financial advice. In blatant cases of deception, victims should be encouraged to consider reporting the matter to police.
Victims of boiler room scams are not likely to see their money again, mainly due to the length of time which elapses between them investing and realising they have been defrauded.
Stocks and shares should only ever be purchased from licensed stockbrokers, and not from strangers who cold-call them at home.
Thanks for taking the time to read the above – sorry it’s a bit lengthy. Your knowledge may now prevent a loved one etc from being victimised by these insidious criminals. Victims and potential victims of this type of crime should be encouraged to report the matter to their local police.
Mike
#6
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Posted 11 February 2010 - 11:42 PM
the FCU patrolling the forums? scary stuff.... how do you have time to deal with consent?
#7
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Posted 12 February 2010 - 12:00 PM
Thanks for the heads up
#8
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Posted 12 February 2010 - 04:03 PM
Rhumsaa, on Feb 11 2010, 11:42 PM, said:
the FCU patrolling the forums? scary stuff.... how do you have time to deal with consent?
Is it paranoid of me to assume that the FCU are not actually patrolling the forums but are actually e-stalking me.
#9
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Posted 12 February 2010 - 05:31 PM
Mike Venables, on Feb 10 2010, 01:06 PM, said:
The Isle of Man Constabulary has just recorded the second £1million loss suffered by a victim of this crime.
Wow, thats a lot of money to be scammed out of!
#10
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Posted 12 February 2010 - 05:42 PM
tribz, on Feb 12 2010, 05:31 PM, said:
Mike Venables, on Feb 10 2010, 01:06 PM, said:
The Isle of Man Constabulary has just recorded the second £1million loss suffered by a victim of this crime.
Wow, thats a lot of money to be scammed out of!
Yep and they have never heard of KSF or Bellyup
#11
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Posted 12 February 2010 - 06:11 PM
Mike Venables, on Feb 10 2010, 01:06 PM, said:
I am aware local residents have been contacted by UK debt collection agencies, who have obtained their contact details etc from published civil court lists.
Mike, I would suggest you are possibly a touch naive here.
It seems that the 'loan sharks' are being fed certain information 'from the inside'.
If someone has an interest in a person being hung up to dry by the Courts then it takes on a rather sinister perspective. Doesn't it.
#12
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Posted 12 February 2010 - 06:28 PM
If they don't already, I think the police might be better making available a free booklet/leaflet/newsletter about all this stuff with every new PC and piece of kit e.g. router etc. sold. I'm sure most, if not all, of the sellers of PCs on the island would be happy to oblige - and maybe they might even be happy to offer some sort of 'front cover' printing sponsorship for 'their batch' of booklets that go with their PCs etc.
#13
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Posted 12 February 2010 - 07:44 PM
Albert Tatlock, on Feb 12 2010, 06:28 PM, said:
If they don't already, I think the police might be better making available a free booklet/leaflet/newsletter about all this stuff with every new PC and piece of kit e.g. router etc. sold. I'm sure most, if not all, of the sellers of PCs on the island would be happy to oblige - and maybe they might even be happy to offer some sort of 'front cover' printing sponsorship for 'their batch' of booklets that go with their PCs etc.
really?
I can't tell if this is a joke post or not...
what next? a free booklet with each phone line for scam phonecalls?
3D booklets every time that "turn gold into cash" advert appears on TV?
#14
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Posted 12 February 2010 - 08:47 PM
tribz, on Feb 12 2010, 05:31 PM, said:
Mike Venables, on Feb 10 2010, 01:06 PM, said:
The Isle of Man Constabulary has just recorded the second £1million loss suffered by a victim of this crime.
Wow, thats a lot of money to be scammed out of!
it must be the runway or the new power station?? oh wait, not enough of a loss to be those....
#15
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Posted 13 February 2010 - 10:10 AM
Talk to some of the workers on the Power Station* and the gas line. You could learn a lot about scams.
But they weren't really scams because no one was losing out were they.
Oh, except the tax payer or Joe Public.
But the taxpayer wasn't really losing out because it wasn't their money in the first place was it.
Well not the Manx taxpayer's anyway.
There are a lot of people on this Island got mega rich over the past dozen or so years.
*this post is not limited to The Power Station
But they weren't really scams because no one was losing out were they.
Oh, except the tax payer or Joe Public.
But the taxpayer wasn't really losing out because it wasn't their money in the first place was it.
Well not the Manx taxpayer's anyway.
There are a lot of people on this Island got mega rich over the past dozen or so years.
*this post is not limited to The Power Station
