Please be aware that Magenta has received reports from Transact (our main investment platform) of a telephone call scam.

This scam involves an automated phone call in which you will be prompted to “press 1 if you did not authorise this transaction”. The transaction has been consistently reported as being associated with a withdrawal of £600.

The caller will claim to be your bank or a service provider – informing you that there has been a “suspicious transaction” on your account.

If you act on this information (in this case you “press 1”) you will be transferred to an ‘agent’ – a fraudster – who will try to obtain personal data and account information. There have also been reports of calls being transferred to a premium phone line which charge extremely high rates for the call.

Neither Magenta or Transact will ever contact you through an automated phone call system. If you receive a call like this it is important that you check first instead of following instructions and we recommend that you end the call immediately and contact us directly.

Please do not hesitate to contact us if you have any questions.