Investment fraud victims pay the highest price

Commenting on the Which? warning on scams, Sarah Pennells, head of financial capability at Royal London says:

“Victims pay a high price both financially and emotionally if they’re scammed. Although there’s an ever-growing range of scams, people who are targeted through investment scams stand to lose the most. Figures from the National Fraud Intelligence Bureau and City of London Police show that while victims of two or more frauds lost £21,120, on average, that spiralled to £84,604 if investment fraud was involved.

“Fraudsters are ruthless and, if someone falls for one scam, they will be targeted again. In some cases, fraudsters target people who’ve been scammed, by offering to help them win back some of the money they’ve lost. The victim discovers – too late - that there’s no recovery service, and that they’ve lost even more money.”

“If you’re contacted out of the blue about a ‘sure-fire’ investment, ask yourself what you stand to lose by putting the phone down or pressing delete on an email? Fraudsters are adept at piling on the pressure, in the hope that you’ll make a decision that, given some time to think, you wouldn’t.”