How to handle cold callers

Cold callers make millions of calls every day and despite the promise of new laws to outlaw the firms making people’s lives a misery, it seems little can be done to stop them.

The statistics are mind-boggling.

The government’s Money Advice Service reckons around 250 million unwanted calls are made every year in the UK and that more than 11 million people have been contacted since April 2015.

The cold-calling ban proposes to make unsolicited phone calls a criminal offence, together with sending junk emails and texts.

But the government can only control calls and messages that originate within Britain.

All the rogues must do to circumvent the law is to move offshore and carry on their nuisance work.

What do cold callers want?

Fraudsters peddling pension and investment scams from cold-calling are said to have stolen almost £50 million since 2014.

Understanding the scale of the problem is one thing, but the many vulnerable and confused people receiving the calls need to know what to do when they have a scammer on the line.

Cold callers are after one thing – money.

The messages come in many guises:

• Compensation for missold personal protection insurance (PPI)
• Lawyers looking for a cut of a personal injury claim
• Pension liberation scams offering early access to retirement savings
• Unlocking 'frozen' UK pensions
• Dodgy offshore investments in carbon credits, hotels, resorts or plantations
• Fine wines, shares, land and coloured diamonds that don’t exist or have inflated values

The police will say that any offer that sounds too good to be true probably is.

What to do if you are cold-called

The best way to deal with the persistent calls and messages is to ignore them. Replying tells the sender that the number is ‘live’ so instead of moving on, they will persist in getting in touch in the hope of a positive response.

If you pick up a call with a person on the end of the line, just hang up. They will just try to persuade you to hand over personal details or money.

Never reveal your personal details, such as date of birth, address, bank or card information.

Ask for the caller’s licence details, name and address, especially if the are flogging pension or investment advice. In the UK, financial advisers will have a Financial Conduct Authority licence number which can be checked online – but beware they are not lying and giving you someone else’s details to gain your trust.

If you are in the UK, register with the Telephone Preference Service. This will stop calls from sales people who obey the law.

Many mobile providers have a number for customers to forward nuisance texts. Providers will block the scammers – but this delays their calls rather than stopping them.

Tell the police

If you do speak to a cold-caller, before agreeing to sign any paperwork or hand over money, ask a lawyer, friend or relative for their opinion on the deal.

A fraud can be reported to the police online through the Action Fraud web site.

The web site is run by the police and has a secure reporting tool.

For people who prefer to speak to a fraud adviser directly, the service also has a helpline on (UK) 0300 123 2040. The lines are open on weekdays between 8am and 8pm.