Figures released by the City of London Police show that more than £63m has been lost to investment scams, with criminals increasingly targeting victims on social media.
During a 12-month period, 5,039 reports of investment fraud made reference to a social media platform. Nearly half (44.7%) of the scams involved cryptocurrency, with Instagram the most referenced platform (35.2%), followed by Facebook (18.4%).
The City of London Police says the use of social media by criminals is helping to buck the trend for typical investment fraud victims, with under 30s now being most affected.
Specifically, 27.5% of all investment fraud victims who mentioned social media in their report were aged 19 to 25, and 61% were men. By contrast, when looking at investment fraud reports where social media didn’t play a factor in the scam, the average age of victims was over 50.
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