Saturday, April 13, 2024

£2.6bn stolen via funding fraud since 2020

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Greater than £2.6bn has been stolen via funding fraud in the United Kingdom for the reason that get started of 2020, consistent with new analysis via the Pensions Control Institute (PMI).

The information, acquired via FOI requests, confirmed there have been nearly 100,000 sufferers of funding fraud between 2020 and 2023.

The determine integrated 26,740 sufferers in 2023 – the absolute best collection of sufferers within the 4 years coated within the analysis. The sufferers jointly misplaced £527m to funding fraud in 2023, which fits out at £1.4m every day.

Between January 2020 and December 2023, there have been 98,525 sufferers of funding fraud, as criminals stole the an identical of just about £13m each and every week. Sufferers most often misplaced a mean of £26,773 to those funding scams over the length.

Virtually £553m used to be stolen via boiler room fraud and £499m misplaced to Ponzi schemes. Boiler Room fraud is without doubt one of the maximum commonplace forms of funding rip-off. Since January 2020, 20,789 other people in the United Kingdom was sufferers. In the meantime there were 12,323 sufferers of Ponzi or pyramid schemes in the United Kingdom for the reason that get started of 2020. 

NUMBER OF UK VICTIMS OF INVESTMENT FRAUD 












Form of Fraud  

2020 

2021 

2022 

2023 

Overall 

Boiler Room Fraud 

5,161  

6,520  

4,651  

4,457  

  20,789  

Pyramid or Ponzi Schemes 

1,964  

2,746  

3,532  

4,081  

  12,323  

Fraud Restoration 

1,842  

2,447  

2,404  

3,151  

    9,844  

Pension Liberation Fraud 

549  

367  

269  

266  

    1,451  

High Financial institution Promises 

2  

4  

4  

         10  

Time Stocks and Vacation Membership Fraud 

80  

95  

177  

93  

       445  

Different Monetary Funding Fraud  

10,554  

14,195  

14,226  

14,688  

  53,663  

Annual totals 

20,152  

26,374  

25,259  

26,740  

  98,525  

Robert Wakefield, President of the Pensions Control Institute, mentioned: “It’s relating to that once a year 1000’s of individuals are shedding hundreds of thousands of kilos to monetary scams in the United Kingdom. The quantity and class of funding scams is ever-growing.

“Expanding the volume of monetary schooling supplied in colleges may additionally lend a hand to make other people extra conscious about the hazards of funding scams.”

MONEY STOLEN IN INVESTMENT FRAUD 












Form of Fraud  

2020 

2021 

2022 

2023 

Overall  

Boiler Room Fraud 

£147,892,842 

£159,998,969 

£138,693,701 

£105,936,493 

£552,522,005 

Pyramid or Ponzi Schemes 

£37,521,717 

£153,257,133 

£244,907,600 

£62,856,315 

£498,542,765 

Fraud Restoration 

£31,889,391 

£43,141,747 

£45,542,879 

£42,664,731 

£163,238,748 

Pension Liberation Fraud 

£5,725,166 

£4,726,246 

£3,725,635 

£4,866,405 

£19,043,452 

High Financial institution Promises 

£146,150 

£75,700 

£0 

£21,349 

£243,199 

Time Stocks and Vacation Membership Fraud 

£613,588 

£560,195 

£510,607 

£895,384 

£2,579,774 

Different Monetary Funding Fraud 

£276,364,277 

£394,165,761 

£421,741,119 

£309,397,338 

£1,401,668,495 

Annual totals  

£500,153,131 

£755,925,751 

£855,121,541 

£526,638,015 

£2,637,838,438 

The information used to be acquired the usage of a Freedom of Data request to the Town of London Police’s Nationwide Fraud Intelligence Bureau.


 



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