Boiler room scams on the increase, warns ISE

The ISE has reported a rise in the number of phone calls from shareholders who have been contacted by fraudsters, suggesting boiler room scams are on the rise, according to an ISE spokeswoman.

The spokeswoman said that the fraudsters were operating a sophisticated phishing scam to get shareholders personal banking information.

“These so-called “boiler room” scams are operated by fraudsters who contact investors unexpectedly and offer to buy their shares at prices higher than current market value,” said the spokeswoman.