Boiler room fraud: FSA and police issue fresh warning

Low interest rates have made growth-seeking Middle England savers the perfect targets for the high pressure sales scams, City of London police told the Telegraph. Jonathan Phelan, the head of unauthorised business at the FSA, told the newspaper that "cloning" was the latest tactic used by the fraudsters. He said he had come across 80 such cases in the past year. Traditionally, boiler rooms would use a company name that was similar, but not exactly the same, as a well-known high street brand. In another new twist, the FSA is seeing boiler rooms asking victims to transfer money to Br...