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Investment fraud in the UK is on the rise, according to recent statistics, prompting investors to consider the possible actions they can take in a bid to recover lost funds.
Action Fraud has joined with City of London Police and the Financial Conduct Authority (FCA) to warn investors about ‘clone firms’ after fraudsters made away with more than £78m using the scam in 2020.
A major residential developer has warned investors to stay away from a promised investment opportunity in the company which is a fraud.
PIMFA, the trade association for the wealth management and financial advice industry, is disappointed but not surprised by the latest data from Action Fraud showing the average fraud suffered by victims amounted to £45,000. Without change to hold online platforms to account this is only likely to get worse.
Bank boss calls for cross-industry cooperation to reduce scams that trick people into making instant payments online
High street banks are scrambling to claw back emergency coronavirus loans linked to suspected fraud.
https://www.cityam.com/banks-claw-back-fraudulent-bounce-back-loans/
Fraud is an age-old problem that has plagued every industry since businesses began trading. It takes many forms and guises and is a constantly evolving threat, as the perpetrators adapt to the ever-changing business environment they seek to disrupt. Perhaps one of the most well-known examples of fraud is money laundering.
On 7 January 2021, HM Treasury opened a consultation on the regulation of cryptoassets and stablecoins.
Online investment fraud has seen a rapid acceleration since the onset of the coronavirus pandemic, and much of society’s most vulnerable people are bearing the brunt.
https://www.finextra.com/the-long-read/97/are-search-engines-the-shop-window-for-online-investment-fraud
Philip Arnold and his cousin John Slack lured investors into their mining company by claiming to have discovered large deposit of diamonds. There were no diamonds.
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