FCA: £197m lost to investment scams in 2018

Average loss £29,000 per person

Investment scams led to £197m of reported losses last year, with victims losing an average £29,000 each, data from the national fraud reporting agency Action Fraud has revealed.

And, according to separate data from the FCA's call centre, the most commonly reported scam during 2018 involved shares and bonds, forex and cryptocurrencies, altogether accounting for 85% of all suspected investment scams reported last year. The Financial Conduct Authority (FCA) said the profile of investment scams is changing as more and more people are being targeted online, moving away from the traditional cold call. Fraudsters are now contacting people through emails, professional looking websites and social media channels, such as Facebook and Instagram. Fraudsters are now conta...