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Consumers lost £197m to investment scammers last year, latest data from Action Fraud shows.The average loss is £29,000, with foreign exchange and cryptocurrencies creeping up the list of most commonly reported scams.
Pensions experts are warning that social media is being increasingly used to target people, while tax-year end is a “peak season” for investment scammers to approach savers.AJ Bell senior analyst Tom Selby commented:"Scammers’ tactics are already evolving, with increasing numbers of people targeted online via social media.
“Clearly the internet is vast and policing its content has proven an impossible task for governments worldwide so far.Ultimately the giant internet and social media companies being used as a conduit for fraud activity need to step up and take greater responsibility for the safety of their users.”Full/source article SEE ALSO - 133 investors defrauded in nationwide property scamUP NEXT - signs you are about to become a victim of a property investment scam.DON'T MISS - Tribes guide to avoid becoming property "shark bait".NOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Shocking to see how much is lost to scammers. Proves you always need to do some research and don’t invest everything with out some due diligence!
I fear this is just the tip of the iceberg! Many people who suffer financial loss are bullied into silence by legal threats and/or just go away with their tail between their legs.I bet the total amount of fraud is far greater than anyone realises. The property wealth creation sector is rife with fraud as it is largely unregulated with very few routes of redress if things go wrong.Two individuals I am in contact with have lost £800K and £250K respectively - so that is over £1million for just two people.However, if £10K is all you have in the world, and you lose that, then it is just as damaging and negatively life changing as the larger amounts. The emotional stress of victims of fraud in massive and you cannot put a price on it. As always, intense due diligence will protect you from passing over a money to a fraudster. Google is a great friend in this regards, as is PT!
I completely agree, and i have a feeling the reason a lot of this goes unreported is either fear of legal action or embarrassment, and I would love to see how much the top end of the scam tree are loosing but not reporting for not wanted to let friends know they made a bad choice or had the wool pulled over.