Scammers have robbed UK investors of £2.6 billion through a range of investment frauds over the last three years, according to research pulled from City police files.
Almost 100,000 people were affected by fraud between 2020 and 2023 with an average amount of £26,773 lost per victim or £13 million per week, according to the report by the Pensions Management Institute,
Since 2020, £553 million has been stolen via Boiler Room scams (fake or non-existent investments), £499 million in Ponzi Schemes and £1.4 billion from what is described as other financial investment fraud.
In 2023 alone, around £527 million was stolen or £1.4 million each day with 26,470 people affected, said the report.
Finance regulator, the FCA, added that investors need to be increasingly vigilant and if an offer sounds too good to be true or is said to be an exclusive deal just for you that has to be kept secret, it’s a scam.
The Pensions Management Institute (PMI) obtained the information from a Freedom of Information request to the City of London Police’s National Fraud Intelligence Bureau.