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Investors warned of the dangers of screen-sharing scams

Palmers Solicitors in Essex

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.

Commercial landlords may be forced to rent out empty premises

Palmers Solicitors in Essex

Commercial property landlords could be forced to rent out empty properties as part of the Government’s ‘Levelling Up’ agenda.

The measure was introduced in the Queen’s Speech this month and is designed to help regenerate the UK’s high streets. The move has come after many premises closed because of the move to internet shopping and the effects of the pandemic.

Mixed reaction from industry

The plan generated a mixed reaction, with one property industry body calling it a political gimmick and a hospitality spokesperson saying it will regenerate the high street and create jobs.

It creates a new power to require landlords to put retail units that had been vacant for more than a year into a compulsory rental auction overseen by local authorities.

Why is this happening?

According to figures from the British Retail Consortium, one in seven shops across the country is sitting empty.

The Government says it wants to reduce the number of boarded-up premises on the high street and open opportunities for new enterprises and community groups. They say this should bring people back into town and boost the local economy.

How will it work?

After a short grace period which gives landlords to occupy the premises, local authorities will be able to instigate an auction, inviting bids from interested parties.

That would allow the successful bidder, whether a business or a community group, to take over the premises.

Burden of business rates

The Chief Executive of the British Property Federation (BPF), Melanie Leech, told the BBC: “We fully support the Government’s ambitions to revitalise town centres, but political gimmicks such as compulsory rent auctions are not the solution.

“No property owner wants their premises to be empty. In our experience, property owners are willing to do zero-rent deals to avoid boarded-up shopfronts.

“But the burden of business rates and other occupational costs mean it is still unviable for many small and independent businesses to trade from town-centre premises.”

But Kate Nicholls, Chief Executive of industry body UK Hospitality, said: “Proposals to get empty premises back into use – if properly considered and scrutinised – can make a huge difference in rejuvenating empty properties and, in turn, reviving high streets in our towns and cities.

“It’s vital to the health of high streets that we reduce the number of shuttered properties that could otherwise be trading and generating jobs, revenue, and tax receipts.” 

For help and advice with commercial property matters, please get in touch with our expert team today.