FINRA urges investors to be wary of phone-phishing scams

9 August 2013

The Financial Industry Regulatory Authority (FINRA), the largest independent regulator for all security firms doing business in the US, has issued a new alert to warn investors of cold calls from scammers falsely claiming to be representatives of at least one brokerage firm.

Fraudsters are calling investors claiming to offer information about certificates of deposit with yields set well above the best rates in the market in an attempt to get them to divulge their personal or financial account information.

Should they glean this information, the criminals may attempt to steal the person's identity or money from their account.

FINRA is reminding investors who receive unsolicited telephone calls to never provide personal information or authorise any transfer of funds to anyone they do not know.

Gerri Walsh, FINRA's senior vice-president for investor education, said if people are not sure that the person on the other end of the line is a legitimate representative of the firm they should "quickly end the call and get in touch with your firm's customer service center using the contact information on your account statements or the firm's website".

By Tony Aynsley

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