1 week Ago
Action Fraud has revealed that Thames Valley Police received 861 reports of investment fraud with an associated financial loss of £23,228,138. People aged 35-44 were more likely to be targeted for investment fraud, while those aged 55-64 suffered the greatest financial losses. Cryptocurrency was the most common commodity that victims believed they were investing in and accounted for 40 per cent of all reports in the UK.
Investment fraud occurs when criminals approach individuals, often out of the blue, and persuade them to invest in schemes or products that are either worthless or entirely fictitious. Fraudsters may claim to offer opportunities in foreign exchange, gold and other valuable metals, overseas time-shares, or cryptocurrency, promising unrealistically high returns that far exceed normal market trends. Thames Valley Police and Crime Commissioner Matthew Barber said: “Investment fraud is one of the most common types of fraud and it can destroy lives and leave people feeling humiliated and helpless.
“Some feel guilty they were groomed or that their contacts were used to target other victims through social media, but only the fraudsters are at fault. "People are being robbed of their life savings and future through more and more sophisticated scams many using AI impersonating loved ones. “I urge those who have been affected to report investment fraud and seek support.
I also encourage everyone to continue to heed police advice.” Nationally, Action Fraud received 25,843 reports related to investment fraud, with victims collectively losing £649,062,146. While the number of reports represents a seven per cent decrease compared to 2023, the total financial loss saw a 13 per cent increase highlighting that fewer but potentially larger scams were in operation.
Cryptocurrency continued to be the most common asset fraudsters claimed to be investing in, accounting for 66 per cent of all reports - a 16 per cent increase from the previous year. Social media remained a key tool for fraudsters, with 36 per cent of all investment fraud reports linked to a social media platform and WhatsApp was the most frequently used platform by scammers, followed by Facebook and Instagram. Given this trend, individuals should be extremely wary of anyone contacting them via social media or messaging platforms who claims to be an investor or trader who can guarantee high returns.
The data also showed that fraudsters frequently impersonated well-known public figures to build credibility. Out of 537 reports in the UK, the most commonly used identity was Martin Lewis (44 per cent), in all likelihood due to his reputation as a trusted financial expert..
