UK – Investment Frauds on the Rise

ways, according to a recent report published by the London ’s National Intelligence Bureau, a unit in charge of Financial and Cyber Crimes. The criminals are adapting to new technologies as is clearly reflected in the frauds committed in .

Traditionally Fraudsters used to favor frauds. The were easy targets, and the returns were extremely high. However, over the last five years, we are witnessing a continuous decline in the number of cases reported to the . Whereas in 2013 approximately 1820 cases of were reported, only 345 cases of were reported in and the number is projected to be even lower in .

Almost 8,200 cases of investment fraud were reported in the first 6 months – Finleaks

more articles about investment scams

This does not mean that British conmen have changed their ways or even their choice of , but that they have found new creative ways to con their out of money. The office regulating pensions in the warned in a different report that as many as 5M British pensioners are vulnerable to scams, but it seems the ‘good old’ scams are just not what the scammers go for anymore these days.  Instead, the fraudsters’ new weapon of choice: investment scams. Almost 8,200 cases of investment fraud were reported in the first 6 months of , almost matching the figures reported in the whole of (approximately 9,400 cases).

The new scams did not change the scammers’ of choice, and the of fraud remain the elderly population. Targeting the elderly, forced the scammers to adjust their ‘fields of investment’ to the areas of interest of their target demographic. Accordingly, the most popular investment scams reported in early were overseas properties and wine scams. “Would-be investors should always be wary of unsolicited calls, online offers and adverts claiming to offer investment opportunities,” said Jenny Ross, money editor at consumer group Which? “Before even thinking about engaging, check if the company is on the ’s register, as unfortunately fraudsters and bogus companies are on the rise. “Banks, social media platforms and the government must do more to combat the tactics used by scammers, ensuring preventative measures and actions keep pace with the changing methods used by scammers to finally halt this worsening crime.”

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