Banking giant HSBC said its UK customers who fell victim to investment fraud had bigger sums of money taken from them than any other type of authorised push payment scam last year.

It reported an average of £19,728 ($27,424, €23,026) was defrauded per case between 1 January and 31 December 2020.

Looking at the month of December, losses more than tripled to £18,090,154 in 2020 up from £5,821,840 in 2019.

Investment scams included advertisements for bonds that may look like genuine offerings from a bank or financial services provider but are actually fake products.

HSBC said fraudsters “target people by email, social media, or phone and also set up convincing web pages to trick victims into transferring money” and also may “use the name, registration number and address of an authorised firm, or even clone their website, to promote an investment opportunity”.

The Financial Conduct Authority (FCA) said that scams involving an impersonation…

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