Police have issued a fresh warning about investment fraud after more than 700 West Midlands residents were conned of over £10 million in the last year.
Police are urging people to be on their guard after seeing a rise in cases over recent months.
There were 728 people scammed into making rogue investments between September 2019 and 2020 – at a huge loss of £10.4 million combined.
There were 241 victims in June, July and August compared to 121 in January, February and March.
Scammers usually cold call, or make contact via through social media, and offer an opportunity to invest in a product or scheme.
They will then try and persuade you to invest by claiming there are huge returns and potential profit on offer. This may be in the form of bonds or cryptocurrency such as Bitcoin.
However, after money has been exchanged they will disappear just before you are expecting to get the extra money you should make from your investment – which is ultimately worthless or non-existent.
Kloe Burrows, from our economic crime unit, said: “Unfortunately, we’ve seen a rise in scammers taking advantage of people across the West Midlands.
“There has been a huge amount of money lost to con-artists through investment fraud during the last 12 months, particularly as the year has gone on.
“Never feel pressured into making a quick decision without being given time to do your research. It’s a tell-tale sign that something is not quite right.”
Advice is:
• If it sounds too good to be true, it probably is
• Research what you have been offered and the investment company
• Don’t be pressured into making a quick decision
• Seek independent financial advice before committing to any investment
• To make safe investments take a look at the Financial Conduct Authority’s ScamSmart