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...

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