FCA Reveals UK Investors Lost Over £197M To Scams In 2018
Law360, London (February 6, 2019, 1:10 PM GMT) -- Fraudsters tricked investors out of over £197 million ($255 million) in total through investment scams last year, the Financial Conduct Authority said on Wednesday, reporting that criminals are using increasingly sophisticated websites and social media channels to target their victims.
The FCA said that figures from Action Fraud, the national reporting center for fraud and cybercrime, revealed that victims were scammed out of over £29,000 on average in 2018. According to data from the watchdog’s call centers, investments in cryptocurrencies, foreign exchange, shares and bonds made up 85 percent of the 5,884 investment scams that were reported.
The financial watchdog warned...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!