An 83-year-old Paisley woman lost tens of thousands of pounds in a sophisticated online investment scam.
The OAP believed she was investing her life savings in a well-known US bank but this week discovered she had in fact transferred her cash to criminals.
Cops probing the cruel scam said the pensioner had fallen victim to a ‘clone firm’ scam.
She visited what appeared to be a genuine bank website and invested more than £20,000 after being told she would receive a three per cent yield next month.
However, when she enquired with the real firm when the money was due they explained they had no record of her investment.
The Financial Conduct Authority, which regulates financial institutions in the UK, said criminal gangs use sophisticated methods to dupe people into transferring them money, including setting up ‘clone firms’.
A spokesman said: “One scam increasingly reported to us involves scammers pretending to be from firms we authorise.
“These scammers may cold-call investors, but they may also contact you via marketing emails, social media platforms or you may receive calls after searching for investments and submitting your details online.
“Clone firms may offer you investments in products such as bonds, shares, FX and cryptocurrency that are non-tradable, worthless, overpriced or even non-existent.
“Some clones offer services to obtain a loan or recover funds from previous investments for an advance fee.
“Fraudsters often use details such as the name and address of authorised firms and individuals, and a ‘firm registration number’ to suggest they are genuine.”
Inspector Tracy Harkins, from Paisley’s community policing team, urged people to always carry out due diligence before investing money.
She said: “Unfortunately the elderly victim has believed she was investing in a legitimate bank but later discovered it was a ‘clone firm’. Enquiries are ongoing in to the fraud.
“I would urge anyone thinking of investing in a company to check the Financial Conduct Authority’s website for information on how to avoid these types of scam.”
If you’ve been scammed or contacted by an unauthorised firm – or a firm you suspect is not legitimate – you can report this by contacting the FCA’s Consumer Helpline on 0800 111 6768.
