Investors are being warned of the dangers of losing cash through screen-sharing investment scams.
The Financial Conduct Authority (FCA) has launched a ScamSmart campaign, after £25 million was lost to such scams between 1 January 2021 and 31 March 2022.
In one disturbing case, a woman lost £48,000 after scammers used screen sharing software to gain access to her computer and banking history after she researched bitcoin investment opportunities.
The FCA wants individuals and businesses to be more aware of the tactics such scammers use and to help investors recognise the warning signs.
What is a screen-sharing scam?
It is a method that scammers can use to gain access to your accounts. Victims can be targeted online, by phone or if they are searching online for investment opportunities. The scammer will pretend to be offering help with investments and will ask the victim to download screen sharing software.
The software is often recognisable and legitimate such as Microsoft Teams, AnyDesk, TeamViewer and Zoom.
If the victim downloads the software and allows the scammer to take control of their screen, then the scammer has access to the victim’s personal information and online banking.
Be alert to the signs
A key warning sign is if a firm or individual contacts you out of the blue and asks to share your screen and gain remote access. Even if you have previously had dealings with the company, be on guard if they ask to share your screen.
Take the risks seriously
The FCA carried out research of 2,000 investors aged between 18 and 55 and found that while 91 per cent said they would never share their PIN with a stranger, 85 per cent did not think a request by a website to download software to be a red flag that someone was attempting to gain access to their personal information.
With video conferencing platforms gaining even more importance in the running of businesses and our social lives, it is vital that people know the risks of screen-sharing investment scams to protect their money and data.
Do you need advice on managing your investments? Contact our expert team for advice today.