The number of reported investment fraud cases experienced a sharp increase in 2018, rising by 74 per cent to 6,890, up from 3,950 in 2017, data has revealed.
In 2018, the most commonly-reported cases were related to share and bond sales, with the number rising to 860m up from 200 in 2017. Following behind were pyramid (also known as Ponzi) schemes, which saw an increase to 380, up from 50, over the same period.
It has been speculated that the sharp rise in reported cases is due to the increased number of investors seeking higher yields while enduring a low-interest rate environment. As a result, some investors have been left exposed to the sale of unregulated products, which are frequently aggressively marketed online via social media.
According to figures published by the Financial Conduct Authority (FCA), the regulator had to intervene in 225 instances in 2018, instructing firms to either withdraw or change advertising.
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