The Book Of Scams: How To Spot Fraudsters AndAvoid Becoming The Next Victim
Published byHarriman House (£10.68)
Almost all of us have been approached by a scammer at some point in our lives if you're an active investor, you probably fend off regular calls from such people.But as financial writer Rodney Hobson notes in The Book Of Scams, the opportunities for fraud have been magnified by recent changes to pension rules, which have given retirees far more control over their money. That makes Hobson's book on the tricks fraudsters use particularly timely.
The book opens by outlining some traditional scams, such as forged wills and the "French Connection" (or "Spanish Prisoner" you'll have seen variations on this in your inbox in the form of emails from close relatives of deposed dictators who have inexplicably chosen you to help them move theirill-gotten gains out of a Swiss bank account). The book movesonto investment scams, concluding with a look at online frauds.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Start your trial
Sign up for MoneyWeek’s free twice-daily newsletter.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Hobson explains how each scam works, with examples andtips on what to look out for, and often an outline of how they'veevolved over time. Some are quite clever (if thoroughly low),such as the con men who defraud people and then steal asecond bite of the apple by impersonating the police. You mightthink that it couldn't happen to you, but given that the averagescam victim loses £20,000 (according to the Financial Conduct Authority) it makes sense to be aware of potential threats.
Latest Videos FromMoneyWeek
Covering 22 topics in just under 200 pages means some of thematerial is a little superficial, but there's lots of useful detail,such as the section on auction-related scams, and it's a useful reminder that if something looks too good to be true, it almostalways is. If you liked The Sting or Matchstick Men, you'll find ita fascinating read, ideal for a train journey or short flight.
The Book Of Scams: How To Spot Fraudsters AndAvoid Becoming The Next Victim, by Rodney Hobson.Harriman House (£10.68).
