In 1981, a timeless British sitcom aired for the first time — the David Jason-starring Only Fools and Horses. Set in working-class Peckham in south-east London, the series followed Jason’s Derek “Del Boy” Trotter and his brother as they shuffled from one “get rich quick” scheme to another.
The series was set against a backdrop that feels oddly reminiscent of the present day.
Britons across the country, just as they did 40 years ago, are facing up to an energy crisis, the rising cost of living, and political unrest. It has put a lot of extra pressure on the average household.
Times of turmoil also bring the worst individuals crawling out of the woodwork. According to MoneyAge, £1.3 billion was stolen through scams and fraud in 2021.
Meanwhile, UK Finance reports that while losses are down 13% in the first half of 2022, the dip is due to 2021’s exceptionally high figures, and £609.8 million has still been lost to scams and fraudulent activity so far this year.
It may then seem odd to suggest your clients gain tips from one of the 1980s most notorious fictional con artists to protect themselves from falling victim to scams. But Del Boy might just be the unlikely hero your clients need to teach them some valuable lessons — as he’d say, “you know it makes sense”.
Read on to discover three key takeaways that Del Boy can impart to your clients to help them avoid scams and “too good to be true” investments.
1. Don’t let emotions, or a scammer’s charms, cloud judgement
Del Boy, Rodney, Grandad (and later Uncle Albert) formed the key members of the Trotters Independent Trading Co – a motley crew of East End wheeler-dealers, small-time crooks, and conmen with hearts of gold.
In spite of his half-baked plans and perpetual bad luck, Del Boy largely got by on his cockney charm and quick wits. He once tried to persuade punters to purchase men’s wigs that were falling apart by encouraging them to try out the “Bruce Willis look”, as his marketing slogan put it.
Nowadays, communication with scammers is largely electronic with messages sent through text or email. However, that hasn’t stopped fraudsters from using persuasive language and emotions, primarily fear, to guide potential victims towards parting with their funds or personal information.
As Del Boy would say: “The truth is only relative to what you can earn from a lie”. Fraudsters will likely pose as relevant authorities or a major business (such as energy firms, delivery companies or online retailers) to make their request seem more legitimate.
According to the BBC, scammers have been posing as FIFA in recent weeks promoting a World Cup lottery to exploit interest in the sporting event for their financial gain.
Legitimate companies or relevant authorities will not ask your clients to send personal information through unsecured channels like texts or emails. They will not pressure them or try to scare them to speed up the process. Also, they are unlikely to ask your clients to use unusual payment methods that don’t have protections in place to safeguard their funds.
If your clients experience any of the above, they should avoid moving forward with releasing any personal information or money and perform deeper checks into the individuals or business that have approached them.
In a press briefing about fraudulent activity, Detective Chief Inspector Hayley King of the City of London Police said: “If an email is genuine, the company will never push you into handing over your details”.
2. Be suspicious of “too good to be true” offers — there are no guaranteed get-rich-quick schemes
Del Boy was the Peckham king of “too good to be true” opportunities. Some of his most infamous scams include extorting contributions from pilgrims visiting a crying Virgin Mary statue, which was just caused by leakage from a dodgy church roof, and selling bottled tap water as Peckham Spring Water.
If your clients are approached with an investment opportunity that seems too good to be true, it most likely is, and they should seek financial advice before making any major decisions.
A potentially good starting place is to slow the whole process down. As Del Boy would say: “Au contraire!” by which he meant “Hang on a minute!”.
Illegitimate offers or businesses will want to secure your clients’ funds as soon as possible. But if they choose to request more time while they seek independent advice or legal counsel, it could effectively scare off scammers before it goes any further.
It is also vital for your clients to use their time to properly research any potential opportunity and check a company or individual’s background.
They shouldn’t hand over money, or sign anything, until they’ve checked relevant credentials and reviewed solid independent evidence behind any proposal — not just surface-level claims and apparently glowing testimonials.
Most of the Trotter’s short-lived businesses would quickly crumble under further inspection. A healthy degree of caution could provide vital protection to your client’s finances.
3. Act fast once scammed as quick communication with authorities is vital
In the event your clients fall victim to a scam, a quick response gives them the best possible chances of either recovering some of their funds or aiding the authorities in pursuing justice.
They may feel a degree of embarrassment, many people do. As Del Boy would say: “As Macbeth said to Hamlet in A Midsummer Night’s Dream, we’ve been done up like a couple of kippers”.
But as previously mentioned, allowing emotions to sway decision-making can be detrimental when dealing with scammers. Your clients should immediately report the incident to their bank’s fraud department, and the police, and provide them with as much evidence as possible to aid their case.
Remember: retrieving lost funds can also be extremely difficult. According to the Guardian, victims of fraud have risen 25% in the past two years with 4.5 million offences in the last 12-month period, but police funding only allocates 2% to combating fraud despite it making up 40% of reported crime.
It is already an uphill battle to retrieve your clients’ funds or apprehend the criminals involved, so every minute counts.
Finally, your clients should immediately move to protect themselves by changing any passwords, cancelling any compromised cards, and moving funds to a secure account.
Get in touch
Falling victim to a scam or a fraudulent investment opportunity can be detrimental to your clients’ financial circumstances and emotional wellbeing.
By putting the appropriate protections in place and assembling a plan to meet their long-term goals, we’ll have your clients feeling more secure and channelling their inner Del Boys when they exclaim: “This time next year we’ll be millionaires!”.
The first step is seeking professional advice, they should contact us by email at info@grey-parrot.co.uk or call us at 02039 871782.
Please note
This article is no substitute for financial advice and should not be treated as such. To determine the best course of action for your individual circumstances, please contact us.
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