Investment fraud left Thames Valley people £23million out of pocket last year

More than £23million was lost in the Thames Valley to investment fraud last year, data has shown.

Investment fraud occurs when criminals approach individuals, often out of the blue, and persuade them to invest in schemes or products that are either worthless or entirely fictitious.

Fraudsters may claim to offer opportunities in foreign exchange, gold, time-shares, or cryptocurrency, promising unrealistically high returns that far exceed normal market trends. 

In Thames Valley, there were 860 reports of investment fraud in total.

People aged 35-44 were more likely to be targeted, while those aged 55-64 suffered the greatest financial losses. 

Cryptocurrency was the most common commodity victims believed they were investing in – this accounted for 40 per cent of all reports in the UK.

Social media remained a key tool for fraudsters, with 36 per cent of all reports linked to a social media platform.

WhatsApp was the most frequently used platform, followed by Facebook and Instagram.

Given this, individuals ‘should be extremely wary’ of anyone contacting them via social media or messaging platforms claiming to be an investor/trader. 

Something to watch out for is the size of the returns promised; generally, legitimate investments in the FTSE 100 typically yield annual returns of 4 to 5.5 per cent.

As such, anyone promising ‘guaranteed’ returns of 10, 12 or even 20 per cent ‘should be treated with extreme caution.’

The data also showed that fraudsters frequently impersonated well-known public figures to build credibility.

Martin Lewis was the most commonly used identity, as a UK financial expert known from TV. Also in the top three were Elon Musk and Jeremy Clarkson.

Thames Valley Police and Crime Commissioner, Matthew Barber said: “Investment fraud is one of the most common types of fraud and it can destroy lives and leave people feeling humiliated and helpless.

“Some feel guilty they were groomed or that their contacts were used to target other victims through social media, but only the fraudsters are at fault.

“People are being robbed of their life savings and future through more and more sophisticated scams many using AI impersonating loved ones.

“I urge those who have been affected to report investment fraud and seek support. I also encourage everyone to continue to heed police advice.”

Victims First, based in the Thames Valley, supports victims of fraud and other crimes.

If you have fallen victim yourself, contact Victims First on 0300 1234 148 or via a Victims First Online Referral / live chat at www.victims-first.org.uk

You can report fraud or cybercrime to Action Fraud report at www.actionfraud.police.uk or by calling 0300 123 2040.

You can also contact the Financial Conduct Authority’s consumer helpline on 0800 111 6768 or report suspicious people using the reporting form on the authority’s website.