Known threats and scams

New and more sophisticated scams are emerging all the time. Here are a few we know are prevalent at the moment. We’ll also keep this page up to date with any new scams we’re made aware of.

WhatsApp groups

Scammers are increasingly targeting individuals through WhatsApp, including by impersonating AJ Bell employees. These fraudsters often pose as senior members of the investment or press team, contacting people with what appear to be exclusive investment opportunities. To make their approach more convincing, they may use the names and credentials of legitimate, FCA-authorised firms like AJ Bell.

After gaining your trust, scammers typically present high-return investment options, which are either entirely fictitious or misrepresented. You may be encouraged to act quickly, using pressure tactics that leave little time to think it through or check the details of the scheme. Eventually, the fraudsters will request personal information or financial transfers, claiming it is necessary to secure the investment.

Alternatively, some WhatsApp groups will recommend stocks to buy in your own investment account. These are usually low value shares that are part of so-called ‘pump and dump’ schemes. Scammers artificially inflate a stock's price through false or misleading information or by getting other investors to buy up stock, then sell off their shares at a profit before the price crashes.

AJ Bell never initiates contact via WhatsApp and does not offer financial advice or stock tips through WhatsApp or any other platform. It’s essential to verify any unexpected communications by using contact details found on official websites, and to consult the Financial Conduct Authority’s register to confirm a firm’s legitimacy. Suspicious messages should be reported to both AJ Bell and WhatsApp to help prevent further scams.

Clone websites and how to stay safe

There’s a growing trend of fraudsters setting up clone websites (fake sites designed to look like legitimate websites) that try and trick people into attempting to log in – stealing their details in the process.

Here are some tips to help you stay safe and vigilant:

• Always double-check the URL before entering your username, password, or any security codes. Your login URL will always start with https://auth.ajbell.co.uk/
• Remember you can only access your AJ Bell account at ajbell.co.uk
• Consider bookmarking ajbell.co.uk and using that bookmark to access your account, rather than searching for it on a search engine
• Always check the website address carefully, especially if you arrive via a sponsored link, online advertisement, or search result  

Clone firms

Fraudsters use the names and details of FCA-authorised firms, including AJ Bell, to convince people they work for a legitimate company and to hand over their personal details and money.

‘Clone firms’ can be hard to spot. Fraudsters often impersonate current or past employees, using the company’s real details – such as its address and ‘firm registration number’ (FRN) – or fake credentials which look very similar to the real deal. But crucially, the contact information provided will be the scammer’s own.

Clone scammers typically promote worthless or fraudulent investment opportunities. They contact their victims out of the blue, or target customers who search for investment opportunities online – creating scam adverts or websites that ask for your contact details.

So how do you tell a clone firm from the real thing? Here are some tips to protect yourself:

• Remember that AJ Bell will never contact you unsolicited with an investment opportunity.
• Check the email address. We only ever use standard email addresses, which end in @ajbell.co.uk.
• Check the FCA's Register to verify that a firm contacting you is authorised.
• Ask for the firm's FRN and contact details. If you need to call the company back, always use the genuine switchboard number given on the FCA's Register. The genuine number for AJ Bell, as listed on the Register, is 0345 408 9100.
• Check the FCA’s warning list of known clone firms.
• Always remember that if an investment opportunity sounds too good to be true, it probably is.

If you’re ever unsure about any message you receive from AJ Bell – or someone claiming to work for or with us – always contact us to check it’s legitimate.

Boiler room scams

A boiler room is an entity that tries to sell you fake or over-valued investments. Their aim is to take your money and convince you that you have invested in something worthwhile. When you realise your mistake, you normally won’t be able to contact them or get your money back; you’ll just be left holding a worthless investment.

• Boiler rooms usually ‘cold call’ you unexpectedly or send you unsolicited mail.
• They are trained to be very convincing and will claim to be able to help you make above average returns.
• They might even offer to pay money to you outside your pension for making an investment. This isn’t allowed.

Remember that pension cold calling is illegal. If you receive an unsolicited call about your pension from someone you don't know, you should hang up immediately. If you’re not sure, ask if you can call them back.

Companies in the UK selling investments must be authorised by the Financial Conduct Authority. You should always check on the FCA website that the company you are dealing with exists and is authorised.

Recovery fraud

If you’ve already been a victim of a scam, you may find yourself targeted again by fraudsters claiming they can trace lost monies or sell the worthless investment for an upfront fee, but you'll receive nothing for your payment.

They may even impersonate the original fraudsters, or the liquidators or representatives of the liquidators of the fraudulent firm. The real liquidators’ details can be found through Companies House.

If you suspect you have been scammed, break off all contact with the suspected firm or individual and be very wary of paying any firm or individual to recover your money. If you’ve lost money to a scam or suspect a firm of fraudulent behaviour, make sure you report it.

Viruses and malware

Some scammers use viruses and malware to attack computers and take them over to get access to information such as security data. They can then access your account and assets. There are simple steps you can take to protect yourself:

Find out more about how to protect yourself from scams.