Investment fraud soars by 49 per cent as criminals exploit social media

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City AM

By Jack Mendel Almost £900m has been lost to investment fraud in the past year, as police warn about the rise in the use of social media for bogus schemes. The lure of so-called ‘get rich quick’ initiatives have become “rife” during the cost of living crisis, as millions look for fix to their finanical woes. In a warning by the City of London Police today, it was announced investment fraud in the last year rose 49.5 per cent. The increase from £596m to £890m was accompanied by data from National Fraud Intelligence Bureau (NFIB), who recorded more than 26,000 reports to Action Fraud, with victi…

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