Informed Choice Radio - financial peace of mind with Martin Bamford

In this episode of Informed Choice Radio, Martin talks about how to stop the scammers from taking your money.

There is also a roundup of the latest personal finance news and an update from the world of Informed Choice.

How to stop scammers taking your money

It's Scams Awareness Month in July and in this episode Martin talks about how to stop scammers from taking your money.

Scams Awareness Month is all about creating a self-supporting network of confident, alert, consumers. People ready, willing and able to spot scams.

In this episode, Martin talks about financial scams, so you’re aware of what you’re up against, some of the tactics used by the scammers, and some top tips for how to stop scammers from taking your money.

According to the Financial Conduct Authority, scammers use five tactics in an attempt to control your decision making - the pre-caller, the opener, the loader, the closer, and the recovery room.

So how do you stop scammers from taking your money? The FCA recommends three steps – reject unsolicited contact about investments, check the FCA warning list, and get impartial advice.

Please stay safe out there. Don’t assume that you’re scam proof because nobody is.

There are steps you can take to reduce your vulnerability to scammers and understanding their tricks and techniques are one of these.

Personal finance news update

-The Bank of England has kept interest rates on hold at 0.5% in July, despite widespread expectations of a rate cut following the referendum result. 

-Fewer people are cashing in their pensions as appetite for pension freedoms made available last year appears to weaken. 

-A new council tax surcharge designed to boost local authority adult social care budgets has failed to prevent cuts to care services. 

-Savers should prepare for tougher times ahead, according to new research by financial information service Moneyfacts. 

-The value of claims made against life and pension advisers in default have risen by 138% in 2015/16, despite overall claims payouts falling by 17%. 

Useful links mentioned in this episode

-Pension liberation fraud falls as crooks target larger savings

-The Confidence Game: The Psychology of the Con and Why We Fall for It Every Time by Maria Konnikova

-FCA Scam Smart website

-Black Box Thinking: The Surprising Truth About Success by Matthew Syed

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.speakpipe.com/InformedChoicePodcast to leave an online voicemail.

Direct download: ICR096-ICR096.mp3
Category:investing -- posted at: 2:00am UTC