Investment scam victims lose £8,585 on average and people aged 18-24 lured by “get rich quick” promises are the most likely to be conned. Victims aged under 45 now account for 70 per cent of reported investment scams, Lloyds Bank said. Analysis of its data also suggests that people typically make three payments to fraudsters over the course of an investment scam. People aged 18-24 lost £1,433 on average. Predictably, analysis suggests that social media platforms are the main breeding ground for these types of scams, with a mix of false advertisements , fake endorsements and cloned accounts key to fraudsters’ methods.
What can we do to prevent these scams increasing?