What's behind the rising tide of financial scams?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 5 April 2021

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Financial scams are on the rise. The coronavirus lockdowns have seen a fresh burst of investment cons with fraudsters impersonating legitimate companies to steal tens of thousands of pounds.

Unwitting savers are being lured into fake savings and investments, such as fixed term bonds or share schemes, and transferring large sums to fall victim to clone fraud.

What’s behind this burst of crime and how can people protect themselves?

On this week’s podcast, Georgie Frost and Simon Lambert discuss the rising tide of fraud, how to stay safe and what more can be done to combat it.

Also, on the show, the pair look into the cases of the mortgage prisoners, trapped paying high rates ever since the financial crisis while others have seen their monthly payments slashed.

The Deliveroo float is also on the agenda – why did the shares slump as it hit the stock market?

And finally, campervans are in hot demand, making this a good time for VW to be launching its new mini Caddy California: with sleeping space for two and an optional tent that turns into a home on wheels for all the family. Would you want one?

Transcript

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0:00.0	Welcome to This Is Money podcast. I'm Georgie Fust and alongside me today is editor Simon Lambert.
0:06.8	And calls for a crackdown on soaring investment fraud.
0:10.3	Marcus livens up this year's ISIS season and the mortgage prisoners trapped in high interest loans for over a decade.
0:17.2	Will a law change finally offer an escape?
0:20.2	Also today, Deliveroo doesn't deliver the goods on its much-anticipated stock market debut
0:25.4	and forget hot tubs and garden furniture.
0:28.6	This pandemic summer is all about the camper van.
0:32.2	And VW had just gone and made it affordable, but isn't any good.
0:36.3	Don't forget, stop today.
0:37.2	With all the latest breaking money news, just go to this ismoney.com.
0:40.3	com.
0:40.9	UK or download the out.
0:42.9	But first, scams of all sorts, we've discussed it on this pod before,
0:47.3	have been soaring during the pandemic.
0:49.5	Criminals taking advantage of increased online activity,
0:53.3	are working from home, but also our financial
0:55.1	vulnerabilities, pressures and rock bottom interest rates. Online investment fraud is no different.
1:00.6	The City Watchdog reports that throughout 2020, on average, we lost just over 45 grand each
1:07.8	on fraudsters imitating genuine investment firms. Now, this is money, have been speaking
1:12.3	to Phil Rolf, a financial crime expert and chief executive P2 consulting, who says that
1:16.8	urgent action needs to be taken now. Simon, we've spoken about scams during the pandemic
1:23.7	before and the reasons why. I mean, they seem reasonably sort of obvious. We are spending
	...

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