Residents in Cheshire lost more than £10 million in investment fraud cases in 2024, shocking figures have shown.
There were 298 reports of such fraud in Cheshire last year, according to data from Action Fraud.
And it reveals that people aged 35-44 were more likely to be targeted, while those aged 55-64 suffered the greatest financial losses.
In total, victims lost £10,334,447 in Cheshire last year.
Investment fraud occurs when criminals approach individuals, often out of the blue, and persuade them to invest in schemes or products that are either worthless or fictitious.
Fraudsters may claim to offer opportunities in foreign exchange, gold and other valuable metals, overseas time-shares, or cryptocurrency, promising unrealistically high returns that far exceed normal market trends.
Nationally, Action Fraud received 25,843 reports related to investment fraud, with victims collectively losing £649,062,146.
Det Sgt Christopher Jacques, of the Economic Crime Unit at Cheshire Police said: “Investment fraud is a huge concern to us, and the figures released by Action Fraud act as a stark reminder of the scale of this type of crime.
“Here in Cheshire, we work hard to raise awareness of Investment Fraud and ensure that those responsible are held accountable.
“I hope that the figures released by Action Fraud will raise awareness of this type of crime and I urge people to remain vigilant and follow the guidance.”
Social media remained a key tool for fraudsters, with 36% of all investment fraud reports linked to a social media platform.
WhatsApp was the most frequently used platform by scammers, appearing in 40% of reports, followed by Facebook (18%) and Instagram (14%).
The data also showed that fraudsters frequently impersonated well-known public figures to build credibility.
Out of 537 reports, the most commonly used identity was Martin Lewis (44%), in all likelihood due to his reputation as a trusted financial expert.
The top three impersonated figures remained unchanged from 2023, with Elon Musk (40%) and Jeremy Clarkson (8%) also being used to deceive victims.
What to look out for:
Being approached via social media: the use of social media platforms as an enabler was identified in 36 per cent of the reports, with WhatsApp being the most prevalent. If you are approached, out of the blue, by someone telling you they can make you guaranteed returns on an investment, then block the number and don’t respond.
Investment opportunities that mention cryptocurrency, trading or stocks and shares: cryptocurrency and trading (unspecified) alone made up 75 per cent of all commodity types mentioned in Action Fraud reports.
An advert which uses a well-known celebrity: over £10m was lost in 2024 to fraudsters who convinced victims to invest by using an influential identity like Martin Lewis, Elon Musk or Jeremy Clarkson. AI generated images and videos were produced which helped to promote the bogus investment schemes.
How to protect yourself from investment fraud:
Investment opportunities: don’t be rushed into making an investment. Remember, legitimate organisations will never pressure you into investing on the spot.
Seek advice first: before making significant financial decisions, speak with trusted friends or family members, or seek professional independent advice.
FCA register: use the Financial Conduct Authority’s (FCA) register to check if the company is regulated by the FCA. If you deal with a firm (or individual) that isn’t regulated, you may not be covered by the Financial Ombudsman Service (FOS) if things go wrong and you lose your money.
For more information about how to invest safely, visit: https://www.fca.org.uk/scamsmart
What to do if you’ve been a victim of investment fraud:
You could be targeted again – fraudsters sometimes re-establish contact with previous victims claiming that they can help them recover lost money, this is just a secondary scam. Hang up on any callers that claim they can get your money back for you.
Identity theft – if you suspect your identity may have been stolen, you can check your credit rating quickly and easily online. You should do this every few months anyway, using a reputable service provider and follow up on any unexpected or suspicious results.
Legal advice – in many cases of fraud there is a close correlation between what may be considered fraud and the civil tort of deceit and/or breach of contract, for which there are civil litigation options. We would always advise that you seek professional legal advice or contact Citizens Advice to understand your options.
You can also contact the Financial Conduct Authority’s consumer helpline on 0800 111 6768 or report suspicious businesses or individuals by using the reporting form on their website.
If you believe that you have been a victim of fraud or cybercrime, report it at www.actionfraud.police.uk or by calling 0300 123 2040.
Find out how to protect yourself from fraud: https://stopthinkfraud.campaign.gov.uk
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