Investment Fraud

If you're approached with an investment offer that sounds too good to be true, it likely is—and it could be a scam. You may be promised high returns on so-called ‘unique investments’ like wine, diamonds, or cryptocurrency. We do not recommend these types of investments, as they can be high-risk or even worthless.

Stay Alert

Fraudsters can seem convincing and professional, but there are key warning signs you should be aware of:

  • Unexpected investment offers – Be wary if you're contacted out of the blue with an investment opportunity that promises high returns with little or no risk. These are often scams.

  • High-pressure tactics – Scammers may urge you to act quickly, discouraging you from thinking it over or seeking advice. Reputable financial institutions will never pressure you into a decision.

  • Unusual payment instructions – If you're asked to send money to an unrelated third-party account before investing, this is a common method used to conceal fraud.

  • Requests to install software – Fraudsters may try to get you to download programs or allow remote access to your device, which can compromise your personal data and bank accounts and other financial information.

 

Staying safe

  • Get a second opinion – Before committing to any financial decision, consult a trusted financial advisor. They can help you determine whether the opportunity is genuine.

  • Check the source – If someone contacts you about an investment, pause and do your research. Visit the Financial Conduct Authority (FCA) website to confirm the company is registered. You can also search for reviews to see if others have raised concerns.

  • Heed warnings – When making payments through your banking app, take note of any security alerts or warnings. These are designed to help protect you.

Remember that if something doesn’t feel right, listen to your instincts and take the time to verify before proceeding.

What to do

If you believe that you have spotted a scam, been targeted, or fallen victim to fraud, it’s important to act fast—contact us right away.

You can also report the incident to Action Fraud by calling 0300 123 2040 or visiting actionfraud.police.uk if you suspect you've been scammed.

To be clear, a bank or Building Society will never:

  • Ask you to disclose your PIN number or other passwords for your accounts
  • Encourage you to move funds from your own account into a different “safe” account
  • Encourage you to order and pay for UK cash via the phone or internet.
  • Charge up front fees for repayment holidays
  • Make home visits to collect mortgage arrears on your doorstep
  • Demand an immediate payment of mortgage arrears over the phone
  • Demand payment of mortgage arrears via email providing you with a link through which to make payments. Individuals who approach you saying that they are building society employees and who pressurise you in the ways outlined above are criminals.

How to report fraud

If you think you've been a victim of fraud or if you suspect fraudulent activity on your account with us, please contact us to report it immediately.

We may monitor or record our calls for security purposes.

You can also report this to Action fraud on 0300 123 2040 (Lines open 24 hours a day.)

Looking for more information:

These sites give information on how to bank online safely and how to avoid fraud and identity theft. They have information on common scams and where to find out information on the latest viruses and Trojans. None of these sites or vendors are specifically endorsed or recommended by Swansea Building Society.

www.financialfraudaction.org.uk

www.identitytheft.org.uk

www.ukpayments.org.uk

www.getsafeonline.org

www.cardwatch.org.uk

www.takefive-stopfraud.org.uk

www.actionfraud.police.uk

www.cifas.org.uk/individuals

www.fca.org.uk/consumers

www.cyberaware.gov.uk

Carmarthen Branch

13-14 Lammas Street,
Carmarthen SA31 3AQ

Tel: 01267 611950
Fax: 01267 611951

Cowbridge Branch

75 High Street,
Cowbridge CF71 7AF

Tel: 01446 506000
Fax: 01446 506001

Mumbles Branch

496 Mumbles Road,
Swansea SA3 4BX

Tel: 01792 739200
Fax: 01792 739201

Swansea Branch

1-4 Portland Street,
Swansea SA1 3DH

Tel: 01792 739100
Fax: 01792 739101

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