National alert for timeshare owners
Timeshare owners in the UK are being warned to stay vigilant as timeshare exit and claim fraud continues to rise. The first two months of 2023 have seen an unprecedented increase in cold calls targeting past and present timeshare owners. Criminal organisations based in the UK, Tenerife and mainland Spain are defrauding victims of over £300,000 every week.
Despite the sale of timeshares ending in Europe, salespeople previously employed by the timeshare industry have shifted their sales tactics to committing large-scale timeshare exits and claims fraud.
Beware of imposter 'Timeshare advice' cold callers
Sarah Pritchard, executive director for markets at the Financial Conduct Authority, warned that more than seven in 10 people said some form of scam had targeted them in the three months to September.
"Sadly, we expect financial crime to become even more prolific during the cost of living crisis," she added.
Indeed, barely a week passes without warnings being flagged up by regulators and industry trade bodies about the latest sneaky tactics being employed by fraudsters and crooks to con people out of their hard-earned cash.
What is a Timeshare Impersonation Scam?
These scams involve criminals pretending to be a trusted source of information, such as a timeshare regulatory body, a Spanish bank, a legal firm or a company wishing to help recover money from a previous scam.
Defrauding victims starts with a cold call and progresses to a zoom/video conferencing call or home visit. Many meetings may seem professional, and the perpetrator may seem knowledgeable. However, it is essential to remember that criminal organisations will only use the best salespeople who also benefit from your money. This is also known as a 'boiler room scam'.
Report and Reclaim
If you need independent advice on how to exit your timeshare safely or make a compensation claim, we can help.
Our experienced team are expert in timeshare exit and claims fraud and can advise you on the best options available if you have lost money and need to claim.
Reporting criminal organisations that try to defraud you, helps in the ongoing fight to end timeshare exit and claims fraud.
Our free helpline is open to anyone with concerns or needs help in all timeshare matters.