Whilst it can be hard or even impossible to believe a family member could scam you, as happened in this article, a family member can just as easily help facilitate a scam without even realising.
A loved one may believe they are seeing great returns from an investment and want to share that good fortune with their family by showing them how easy it is to invest too. The investment may sound very plausible and the figures on returns a sure fire win but that's the problem such 'investments' endorsed by family members can see people drop their guard. Independent financial advice authorised by the Financial Conduct Authority should always be sought. You may not be just putting all your eggs in one basket but your family's as well.
A bank worker who abused her position to steal £280,000 from family and friends in a 'Ponzi scheme' has been jailed for four and a half years. Victoria Smith, 29, tricked victims into investing in fake foreign currency schemes by telling them she could offer preferential rates.