Nigel Latta Advises on Recognizing Family Scam Victims
In support of Sorted Money Month, the FMA has teamed up with clinical psychologist Nigel Latta to help you understand how you can support a friend or family member who has been caught up in an investment scam.
Most of us think we wouldn't fall for an investment scam, but the truth is we are all vulnerable, and lots of smart, sensible people get caught up in this stuff every day. Scammers- especially investment scammers who use sophisticated techniques- are very good at deceiving smart people.
Because many scams are operated by criminals overseas, once you've given them any money it is very hard and very rare to get it back - even from countries with tough anti-fraud laws.
Nigel's tips for helping a loved one who has been scammed
Be empathetic and understanding
They'll probably be feeling foolish, and embarrassed so refrain from passing judgement. It's really important to reinforce that scammers are very good at deceiving smart people, particularly investment scammers.
Be patient
It might initially be hard for the person to accept they've been scammed, so make sure you explain why you think they've been scammed simply and clearly.
Encourage them to stop all contact with the scammer
Prompt them to contact their bank immediately to try and prevent any further harm.
Report the scam to the Financial Markets Authority
While it's rare to be able to recover scammed money, the FMA can look into the scam and warn others. Report an investment scam by contacting 0800 566 or [email protected].
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