Investment fraud rises in West Sussex
£9.5 million was lost to fraudsters in 2020
Sussex Police reported a 71 per cent increase in reports of investment fraud involving elderly or vulnerable victims last year compared with 2019.
In total, £9.5 million was lost to fraudsters across the county in that time.
Typically they will cold-call victims pretending to be from a well-known investment company and will try and sell investments that they claim will lead to financial gains. In reality, the item doesn't exist or is worthless.
"This is in no way a victimless crime"
'Clone firm' scams are when criminals clone a legitimate investment companies website to trick people. Nationally scams of this nature have increased by 30 per cent since the first national lockdown.
PC Bernadette Lawrie, Financial Abuse Safeguarding Officer for Sussex and Surrey Police said: "Investment fraud not only can have a devastating financial impact on victims, but it can cause significant psychological distress as this case demonstrates.
"These cold-callers can appear very convincing and to be highly knowledgeable about investments. Remember, scammers do their homework and make it their business to know as much as possible.
"If you're looking to make an investment always ensure you have carried out as many checks as you can to ensure people are who they say they are - and if something sounds too good to be true then it probably is."
Detective Chief Inspector Andy Richardson, Head of Regional Cyber Crime, Digital Forensics and Economic Crime for the South East Regional Organised Crime Unit (SEROCU), said: âThese scams can have a devastating impact on the victims who invest, believing they are legitimate websites.
"This is in no way a victimless crime and can have catastrophic, wide reaching consequences.
"Unfortunately, anyone can become a target of fraud or scams and clone investment fraud can look genuine. Our advice is always stop, challenge and protect.
"Thousands of pounds have been lost due to clone investment fraud and the only way to be sure is to check every detail.
"Responsible businesses would not have any issue with you carrying out due diligence and we recommend you carry out substantial research to ensure your money is going where you want it to go.
"If you have suspicions about a website and think it could be cloned, please send any emails to report@phishing.gov.uk and suspicious text messages should be forwarded to 7726.
âIf you believe you are a victim of clone investment fraud, you can make a report by contacting your local police force on 101 or make a report through their online systems.
âFraud of any type is a serious crime and SEROCU is dedicated to investigating reports and taking those found responsible through the court process.â
Sussex Police & Crime Commissioner Katy Bourne said: âFraud is the fastest growing crime type and there are literally thousands of victims each year in Sussex who are targeted for their savings and left feeling desperate, deeply hurt and betrayed.
"Criminals have become increasingly more tech savvy. Itâs so easy now for anyone with a bit of skill and purpose to track down our personal information or convincingly pose as somebody else.
âPolice officers are helping residents to spot scams whilst also raising awareness of fraudulent behaviour in our communities. Please heed their advice, it could save you a potential loss of thousands of pounds.â
Protect yourself from investment fraud:
How to protect yourself from clone investment firms: