The UK’s national fraud and cyber crime reporting centre revealed it received more than 17,000 reports of investment fraud in the 12 months ending September 2020.
Consumer losses totalled to £657.4m ($865.3m, €729.5m), a 28% increase compared to the same period last year, Action Fraud said.
Additionally, between May and September 2020, the centre recorded a spike in reports “as the nation adjusted to life after lockdown”.
Action Fraud said the figures are concerning especially because the UK entered a second national lockdown last week.
Preying on people
Pauline Smith, head of Action Fraud, said: “The coronavirus outbreak sadly led to many people losing their job or having to manage with a lower income than they were used to.
“It has also caused a shake up in the economy in general, with interest rates falling, in a similar way to the financial crisis of 2008. All of these factors provide criminals with the opportunity to attract more people with their fraudulent investment schemes.
“Preying on people when they are at their most vulnerable really shows how low these criminals will stoop to make a profit for themselves.
“That is why we are working hard with our law enforcement colleagues, and partners in the finance industry, to tackle investment fraud and empower the public to spot a scam.”
