Have you received cold calls about share information? Well, just hang up, is the advice from the police working on Operation Archway. Millions of pounds of investors’ money is lost every year to these share scams and now, according to BBC News Online, banks have begun to take action, like suspending transactions if they are being paid to known boiler-room firms.
The Financial Services Authority has recently published a list containing the names of hundreds of companies which they believe pose a high degree of risk to customers.
In particular, Barclays has blocked around 150 transactions so far since introducing a screening system in February, which they believe has saved their customers millions of pounds.
HSBC has followed suit, stating that if they receive requests for payments from any of the blacklisted companies, transactions are delayed until the activities can be fully scrutinised.
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