Residents and businesses in Suffolk lose £5.6 million to investment fraud in 2024

Residents and businesses in Suffolk have lost £5.6 million to investment fraud in 2024 alone.

Figures from Action Fraud reveal that 233 cases were reported in Suffolk last year.

The data shows those aged 35 to 44 were more likely to be targeted, while those aged 55 to 64 suffered the largest losses.

Nationally, Action Fraud received 25,843 reports related to investment fraud, with victims collectively losing £649,062,146.

While this was a seven per cent drop on 2023, the total money lost increased 13 per cent year-on-year, indicating that larger scams were in operation.

Investment fraud is when criminals approach people, often out of the blue, and persuade them to invest in a scheme or product that is either worthless or not real.

These could include foreign exchange, gold or other valuable metals, overseas time shares or cryptocurrency, and typically promise unrealistically high returns exceeding market trends.

The watchdog said cryptocurrency remained the most common asset fraudsters claimed to invest in, taking up 66 per cent of reports, an increase of 16 per cent on 2023.

Social media is a key tool for these fraudsters, with 33 per cent of cases linked to one of these platforms.

Of these, WhatsApp took the top spot, with 40 per cent of reports, followed by Facebook (18 per cent) and Instagram (14 per cent).

According to the national data, fraudsters also frequently pretended to be well-known public figures.

Of 537 reports, the most commonly used identity was Martin Lewis with 44 per cent.

In response to the data, police officers have urged caution when being approached by strangers online.

Detective Superintendent Oliver Little, from the Lead Force Operations Room at the City of London Police, said investment fraud continued to be a key area for police due to its prevalence.

He said: “It may seem obvious, but we would really emphasise the age-old ‘if it is too good to be true it almost certainly is’ mantra.

“Investment fraudsters will often be incredibly skilled in what they do and will spin a convincing and alluring pitch of how much money they can make you, in often a short amount of time.

“Do not be seduced by the promise of making ‘easy money’ as the world of stocks and shares is anything but.”

Det Supt Little urged users to do their own independent research, which could include checking if a firm is registered with the Financial Conduct Authority and to never take financial advice from social media or people who approach them out of the blue.

“If it were that easy to make profit on an investment, we would all know about it,” he added.