Con artists steal more than £7million from timeshare owners
Callous con artists are targeting people who have already been a victim of timeshare fraud to steal more of their cash, it was claimed today.
Victims of ‘timeshare recovery fraud’ across Britain reported losing a total of more than £7million this year between January and July, according to Action Fraud.
The average loss was £14,000 and those targeted tend to be aged 50-plus.
Action Fraud said reports show that fraudsters are taking advantage of previous fraudulent or mis-sold timeshare schemes and are advising victims who have invested in timeshares abroad that they are owed compensation.
It warned fraudsters may be aware of the victim’s personal details from their previous investment, giving them false credibility.
Those targeted are told that they need to pay a fee to obtain this money. The fraudsters claim in phone calls or letters to be from reputable authorities.
They say that people can claim money back from their timeshare or exit it early for a fee.
This can range from £2,500 to £9,000 and additional fees may also requested to cover maintenance or legal cover. Once the fraudster has the cash, they cut off contact.
Director of Action Fraud, Pauline Smith, said: ‘A shocking amount of timeshare recovery fraud losses have been reported to Action Fraud since January, which is why we are urging people to be extremely cautious.