Web Scammers Net £78m A Year By Cloning Financial Companies

Fraudsters stole more than £78million last year by imitating genuine investment and pension companies.

- Sarah O'Grady

The average amount lost was £45,242 said Action Fraud, the UK’s national fraud reporting centre.

Reports of the “clone firm” investment scams soared during the first lockdown in the spring.

There were 29 per cent more frauds in April compared with March.