The number of reported investment scams has almost quadrupled since July, according to the latest figures from the Investment Association.
As of 12 October, the figure stood at approximately 1,175 reported incidents, up from around 300 since Investment Association’s last warning in July.
The estimated total reported loss to savers from these scams has more than doubled from approximately £4m in July to £9.4m in October with more than 200 people affected.
The coronavirus crisis has prompted a rise in fraudsters coming up with more sophisticated ways of trying to part people from their money.
Investment Association has warned that many scams clone genuine investment management firms through impersonated products, websites and documentation, and then promote the fake products via fake price comparison websites and adverts on social media and search engines.
It is working to call on the government to…