When it comes to carrying out fraud, there is a lot to be said for having a touch of respectability about what you do. If you can do something, or you have something about you that will help people think that you can be trusted, you will be far more likely to get away with the fraud that you are looking to commit. This is definitely something that can be seen in a wide range of scams but in recent times, it has been incorporated into boiler room scams.
Traditionally, you will think of bogus callers appropriating uniforms or ID passes and badges that replicate the look and feel of a genuine article. This will then give them an air of authority which many people will accept. This means that the bogus caller can make their way into a home or property when they would have normally been blocked from gaining access if they didn’t have this level of authority around them. This can be the case for boiler room scams but in a slightly different way.
This is because a number of boiler room fraudsters have been hiring office space in iconic and famous buildings in London, and the rest of the UK, to carry out their fraudulent activities. The act of selling and making phone calls will still take place around the world but in showing that they have UK premises in respected buildings, it can be easy to give the air of reliability and confidence.
This can make all the difference when it comes to convincing people that they should give their money to these professionals. Of course, the shares that people buy from these boiler room scam artists will inevitably hold no value, meaning that the victim could potentially lose out on a lot of money.
There is glamour associated with this style of crime
While some people involved with this style of crime may model themselves on the characters seen in The Wolf Of Wall Street, there is no glamour involved with these crimes, well, not for the victim. Given that it is estimated that around £1.2bn each year is scammed in these crimes, it is easy to see that there is glamour for someone. It is also easy to see why there is the money available to rent premises in high quality areas of London.
A police raid took place on Tower 42, which is the former Nat West Tower, as police had information that a number of offices were being rented out to people behind boiler room scams. London officers also raided premises in Canary Wharf as they suspected two boiler room operations were involved with these promises.
This follows a trend of high profile locations being utilised by scammers and fraudsters in an attempt to provide an air of prestige. There is also a lot of kudos for the people involved with these crimes. While the scammers may be more than happy to bank the money that comes in from these scams, they may be looking to inform friends and family members that they are doing well with their life.
With short term leases available, these companies have the chance to use the rooms for a short while, get the benefits of association and then move on. Any company indulging in criminal activity won’t want to lay down roots in a permanent manner, so moving on quickly will be of benefit for many different reasons.
Cyber-squatting is a major issue too
There are some concerns that some of the fraudsters are not actually legally in the premises but say that they are. This is known as “cyber-squatting” and it can cause a number of issues for people involved with the actual building. Given that the owners of the building are keen to avoid any trouble, they will usually be helpful to police officers conducting enquiries into these crimes which can move an investigation on quite quickly.
The level of rewards on offer with boiler room scams means that more and more people are looking to get involved. This has created a level of competition in the market but it has created a sense of urgency in many of the people involved, who want to be seen as being genuine and more realistic than others. This means that many of the people involved are now looking to be seen as legitimate companies and renting property in prestigious parts of the London financial market can play a big role in this sort of activity.
Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 9 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.