The IA: Lockdown investment scams cost savers £4m

Fraudsters cloning investment firm marketing material

Mike Sheen
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The IA: Lockdown investment scams cost savers £4m

An estimated 300 incidences of organised criminals impersonating legitimate vehicles sold by investment management firms have occurred since late 2019, scamming savers out of approximately £4m, with the figure boosted significantly since the beginning of lockdown, according to the Investment Association.

The IA said on Wednesday (14 July) that fraudsters have increasingly been using "sophisticated targeting of victims" such as creating fake price comparison websites and cloning legitimate brands to produce...

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