MEN are being coned out of millions of pounds across the Thames Valley in a new sophisticated investment scam.

Devious fraudsters are posing as well-known investment companies, copying the employee’s names and website URLs to look less suspicious.

Action Fraud and the City of London Police are now working with the Financial Conduct Authority (FCA) to issue a warning to the public after ‘clone firm investment’ scams increased by nearly 30 percent in April 2020 compared to March – when the UK went into its first lockdown.

Action Fraud data reveals that more than £18million was lost in the Thames Valley last year when people invested their money with fraudsters imitating genuine investment firms.

Victims of the crime are usually men aged 50-59.

Police have warned that the pandemic also makes people who are struggling financially more susceptible to the crime.

In the UK, 42 per cent of 1,003 regular investors say they are worried about their money because of coronavirus and another 77 per cent have, or plan to, make an investment in the next six months to help improve their bank balance.

But fraud investigators warn that even the most experienced investor could be at risk from the sneaky con-artists.

‘Clone firms’ are set up by fraudsters using the name, address and ‘Firm Reference Number’ (FRN) of real companies authorised by the FCA.

Criminal gangs run these scams and hunt victims using online adverts.

Typically, men will click on these ads and be taken to exact replicas of websites belonging to genuine investment firms.

The most sophisticated criminals will also will even clone the websites domain name.

Once a victim has registered their interest they’ll be contacted by the fraudsters who will find the names of genuine employees at the real company and create seemingly real email addresses with subtle changes.

There have also been instances of investors putting their contact details into genuine price comparison websites and then being phoned by criminals.

Another tactic they use is to send their targets sales materials linking to websites and legitimate firms.

The returns being promised are usually modest enough to not cause suspicion but slightly above market rate so they are still appealing to people looking to make long-term ‘safe’ investments.

In the end victims will transfer their life savings to criminal gangs under the false belief they are investing their money, with sometimes ‘devastating’ consequences.

Usually people won’t find out they have been scammed until months later when they don’t get their returns or investment reports.

Police say checking the company’s FRN alone isn’t enough.

Instead, the force are urging people to check and then double check all of the details of the firm, not just the FRN, on the FCA register.

Officers say it is vital people only use the number on the FCA register to contact the firm.

• If you think you might have been scammed report it to Action Fraud as soon as possible on Actionfraud.police.uk or call 0300 123 2040.

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