DanceEast
Proud supporters of free and independent local journalism in Ipswich
Suffolk residents and businesses lost £5.6 million to investment fraudsters last year, with cryptocurrency scams accounting for two-thirds of cases nationwide.
Why it matters: While the number of investment fraud reports decreased nationally by 7 per cent compared to 2023, the total financial losses increased by 13 per cent, indicating that fraudsters are executing fewer but more lucrative schemes.
By the numbers:
£5.6 million lost across 233 cases in Suffolk – an average of £24,034 per case
£649,062,146 lost nationally across 25,843 reports – an average of £25,116 per case
66 per cent of cases involved cryptocurrency, a 16 per cent increase from 2023
36 per cent of scams used social media platforms to target victims
The details: Investment fraud occurs when criminals approach individuals and persuade them to invest in schemes or products that are either worthless or entirely fictitious, often promising unrealistically high returns.
Data from Action Fraud reveals that people aged 35-44 were more likely to be targeted for investment fraud, while those aged 55-64 suffered the greatest financial losses.
What they're saying: "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," said Detective Superintendent Oliver Little from the Lead Force Operations Room at the City of London Police.
"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."
The bigger picture: Social media remained a key tool for fraudsters, with WhatsApp being the most frequently used platform, appearing in 40 per cent of reports, followed by Facebook (18 per cent) and Instagram (14 per cent).
Fraudsters frequently impersonated well-known public figures to build credibility, with Martin Lewis being the most commonly used identity (44 per cent of 537 reports), likely due to his reputation as a trusted financial expert.
What to look out for:
Unsolicited approaches via social media, particularly WhatsApp
Investment opportunities mentioning cryptocurrency, trading or stocks and shares
Advertisements using well-known celebrities, including AI-generated images and videos
Pressure to make quick investment decisions
The bottom line: Authorities advise never rushing into investments, seeking advice before making significant financial decisions, and using the Financial Conduct Authority's register to check if companies are regulated.
If you've been a victim, report it at www.actionfraud.police.uk or by calling 0300 123 2040.
There's something for everyone
Watch a performance, join a term of classes or attend a workshop at DanceEast
