Cold Calling Carpet Baggers

[GuestHouse]

This is something that really gets up my nose.

I get regular phone calls (and emails) to my office number from expats working in the Expat focussed Thailand based financial industry.

I have never ever given these people my number, email address, name, name card - Nothing.

When I ask where they got my contact details from they respond with some diatribe about 'confidential referrals'.

This we are reminded is an industry in which those are after our money would like us to believe they are above board, honest professionals - not money grubbing back door spivs.

Can't you guys (I know you are stalking around here) get it through your heads that this kind of behaviour lets the cat out of the carpet bag and exposes you for what you are?

[54321]

Your post serves as a reminder to all. If you want financial advice/service go and seek it out, do not entertain anyone cold calling you

[CWMcMurray]

Your post serves as a reminder to all. If you want financial advice/service go and seek it out, do not entertain anyone cold calling you

And that is exactly what I tell them...

I tell them I do not accept any cold calls about financial services ..

I tell them, if they are any good I will hear about them and contact them, if not don't bother calling me or wasting their time as there is nothing they can say to make me interested in meeting with "who ever" to discuss further

[fletchsmile]

Another one from the UK is offering free reports on shares/sectors/economy etc. To access them you need to give an email address and a phone number. Once you have your free report, a few days later, you get a call from someone trying to sell you share trading/ FX/ commodity services/ contracts for difference.

Yes the report is an interesting read. On the other hand I don't want brokers/ financial service companies etc calling about CFD services just because I read their report on the economy. These are guys from FSA registered firms calling me here in Thailand! So happens the world over.

The last one was in connection with commodities. The guy's pitch was hello, I'm xxx from xxx in Canary Warf etc. Did you get our report on precious metals. I said probably as I get a lot of these things. I said after reading I was no longer interested in this area. His pitch continued along the line of, how would you feel about doubling your money in 3 years?

So it's not just a Thailand issue, it's global. The ones calling me from the UK, as mentioned often FSA registered. They are simply adding small details that allow them to cold call you, and comply with the rules, such as allowing you to register for a "free" report on a website first instead of a pure cold call. The link between the report and services is often very tenuous.

Edited August 25, 2012 by fletchsmile

[yourauntbob]

haha, a long time ago i worked in a place like that (not in thailand) and in the industry persistence is everything. for anyone out there getting these calls, do your due diligence as many are frauds although some very much are legit (the one i worked for) and are simply trying to make a living.

i know its annoying, but it works and thats why they keep trying.

Edited August 25, 2012 by yourauntbob

[Woodcaulk]

Best way to get even with these pest is to keep them on the phone for as long as possible....time is money, be creative and waste as much of theirs as possible so as to make them highly unsuccessful.

[The Dancer]

Best way to get even with these pest is to keep them on the phone for as long as possible....time is money, be creative and waste as much of theirs as possible so as to make them highly unsuccessful.

Exactly what I did. I explained in all seriousness to the lady at the other end - Filipina from her accent - that I am Buddhist and wanted an annuity that could carry over to my next life. I told her that Muslims have their compliant banks so why couldn't I make an investment conforming to my Buddhist sentiments. I kept repeating this query insistently every time she tried to change the topic.

She actually hung up on me after about 10 mins. and has not called back. Ah, well.

Edited August 25, 2012 by The Dancer

[GuestHouse]

do your due diligence

The other thing that gets up my nose is the use of the term 'Due Diligence' its peppered around statements, sales bumf and the horse shit these people trade as if to imply they are doing a professional job for you - your money is safe with them because 'They've done their Due Diligence'.

That's presumably what they do when they are not cold calling people who don't want to hear from them.

[simple1]

Best way to get even with these pest is to keep them on the phone for as long as possible....time is money, be creative and waste as much of theirs as possible so as to make them highly unsuccessful.

Why do that, your wasting your time & if a call center person doesn't make their sales target they will be replaced & you will get yet another call. Just say no thanks & hang up

[Naam]

only rich people are bothered with these kind of calls. nobody calls me

[simple1]

In today's BKK Post there is an article on this topic & it states there are currently no privacy laws in Thailand. So your bank, credit card provider, hotel or anyone else that has "lifestyle" prospect profiling data for people resident in Thailand will sell the data to financial services providers or anyone else for that matter.

Sales organisations also utilise the likes of Linkedin and Facebook for prospecting

Edited August 26, 2012 by simple1

[Soutpeel]

Another way they get your details is via the actual company your working for as well, they call up big companies known to employ expats and blag their way with the reception to getting the names of expats working for the company.

[David Barker]

Another one from the UK is offering free reports on shares/sectors/economy etc. To access them you need to give an email address and a phone number. Once you have your free report, a few days later, you get a call from someone trying to sell you share trading/ FX/ commodity services/ contracts for difference.

Yes the report is an interesting read. On the other hand I don't want brokers/ financial service companies etc calling about CFD services just because I read their report on the economy. These are guys from FSA registered firms calling me here in Thailand! So happens the world over.

The last one was in connection with commodities. The guy's pitch was hello, I'm xxx from xxx in Canary Warf etc. Did you get our report on precious metals. I said probably as I get a lot of these things. I said after reading I was no longer interested in this area. His pitch continued along the line of, how would you feel about doubling your money in 3 years?

So it's not just a Thailand issue, it's global. The ones calling me from the UK, as mentioned often FSA registered. They are simply adding small details that allow them to cold call you, and comply with the rules, such as allowing you to register for a "free" report on a website first instead of a pure cold call. The link between the report and services is often very tenuous.

This certainly happens the world over but just because they give you a UK number or one comes up as caller ID does not by any means indicate that they are calling from the UK as most of these people use Voip when virtually any number can be directed anywhere

[yourauntbob]

do your due diligence

The other thing that gets up my nose is the use of the term 'Due Diligence' its peppered around statements, sales bumf and the horse shit these people trade as if to imply they are doing a professional job for you - your money is safe with them because 'They've done their Due Diligence'.

That's presumably what they do when they are not cold calling people who don't want to hear from them.

I never said they do their due diligence, i said for people need to do their due diligence before investing. Many are crooks etc, but there are some that are very professional and simply trying to build a book of business earn a living while helping people.

One big problem is that the people with ethics are the ones who do their best not to continually call people once they say their not interested, because of this they do not meet "quotas" or simply quite out of frustration. meanwhile, the crooks lie cheat and steal their way into a dishonest living and give the whole industry a bad name.

i am sure that many people are going to shake their head at this post, but i was one of the honest ones (not to mention qualified and well read on financial instruments) who quite out of frustration while some of the brokers around me raked up huge commissions while having no clue about the products they were selling or the people they were selling them to.

[yoshiwara]

Another one from the UK is offering free reports on shares/sectors/economy etc. To access them you need to give an email address and a phone number. Once you have your free report, a few days later, you get a call from someone trying to sell you share trading/ FX/ commodity services/ contracts for difference.

Yes the report is an interesting read. On the other hand I don't want brokers/ financial service companies etc calling about CFD services just because I read their report on the economy. These are guys from FSA registered firms calling me here in Thailand! So happens the world over.

The last one was in connection with commodities. The guy's pitch was hello, I'm xxx from xxx in Canary Warf etc. Did you get our report on precious metals. I said probably as I get a lot of these things. I said after reading I was no longer interested in this area. His pitch continued along the line of, how would you feel about doubling your money in 3 years?

So it's not just a Thailand issue, it's global. The ones calling me from the UK, as mentioned often FSA registered. They are simply adding small details that allow them to cold call you, and comply with the rules, such as allowing you to register for a "free" report on a website first instead of a pure cold call. The link between the report and services is often very tenuous.

That's the deal. You can't have the report without providing your contact details. Not something to complain about IMHO.

[electau]

Inform the person calling that the person they are speaking to is dead, then hang up.

They will not return the call. Never wake the dead.

These persons terget a certain type of person, the greedy and the ignorant.

http://www.scamwatch.gov.au/content/index.phtml/itemId/693900

[Mosha]

I used to just put the hand set down next to the phone, after saying can you wait a minute. Then go back to the TV.

[Soutpeel]

I used to just put the hand set down next to the phone, after saying can you wait a minute. Then go back to the TV.

Yeap done that myself a few times in the office, gone for a cup of coffee and a smoke outside...

[overherebc]

I used to just put the hand set down next to the phone, after saying can you wait a minute. Then go back to the TV.

Yeap done that myself a few times in the office, gone for a cup of coffee and a smoke outside...

I find it strange that now my pension plans are coming together I keep getting calls from someone in an investment company in BKK.

How the xxxx do they know my number ?

[anon210]

I used to just put the hand set down next to the phone, after saying can you wait a minute. Then go back to the TV.

Yeap done that myself a few times in the office, gone for a cup of coffee and a smoke outside...

I find it strange that now my pension plans are coming together I keep getting calls from someone in an investment company in BKK.

How the xxxx do they know my number ?

I was also cold-called by a guy from De Vere (the worst possible guy who insists to have a meeting and does not take "no" for an answer). He managed to pocket two to three guys of my office with his technique and persistence. Me, I just told him firmly that I handled my investments myself and was not interested at all by his services. He stopped.