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OFT warns consumers of financial scammers

Published: 01/02/2010

The Office of Fair Trading (OFT) is urging consumers to be careful with their money and watch out for scammers who are trying to "dupe them out of their cash".

New research from the OFT has found that just over four million adults in the UK have fallen for a scam at some point in their life.

Of these, a third lost money, with five per cent losing more than £5,000.

The guidelines issued by the OFT warn consumers that "if something sounds too good to be true it probably is".

Consumer minister Kevin Brennan commented: "It is really important that people are on their guard and know that help is available as scams can bring real upset and misery to their victims.

"We have invested £7.5 million to create 'scambuster' teams across the country. These specialist Trading Standards teams are working hard with the police and others across local authority boundaries to come down hard on the worst scammers."

Email is now the most common form of scam attempted by criminals, followed by letter and text message.

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Last Updated: 08-02-2012