Beware of ‘boiler room’ scams

If a stranger calls you out of the blue and asks you to buy shares in  a company you've never heard of or asks you to sell shares you own at a very attractive price– be very wary.

They may be part of a financial scam called a ‘boiler room’ using hard-sell tactics to persuade you to buy or sell shares.

Remember, if you deal with an unauthorised investments firm, you are not protected under the Investor Compensation Scheme.

You can find a list of authorised investment firms on the Central Bank’s Registers website. If you are unsure about investing, seek independent financial advice. You can report any unsolicited approaches in relation to your shares to the company’s registrar or contact the Central Bank.

Check out our scams section for more information and tips on how to avoid scams.

Published Date: 02/03/2012

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