£2.6bn stolen by way of funding fraud since 2020



Greater than £2.6bn has been stolen by way of funding fraud within the UK for the reason that begin of 2020, in response to new analysis by the Pensions Administration Institute (PMI).

The info, obtained by way of FOI requests, confirmed there have been nearly 100,000 victims of funding fraud between 2020 and 2023.

The determine included 26,740 victims in 2023 – the best variety of victims within the 4 years coated within the analysis. The victims collectively misplaced £527m to funding fraud in 2023, which works out at £1.4m every day.

Between January 2020 and December 2023, there have been 98,525 victims of funding fraud, as criminals stole the equal of almost £13m each week. Victims sometimes misplaced a mean of £26,773 to those funding scams over the interval.

Nearly £553m was stolen by way of boiler room fraud and £499m misplaced to Ponzi schemes. Boiler Room fraud is without doubt one of the commonest forms of funding rip-off. Since January 2020, 20,789 folks within the UK turned victims. In the meantime there have been 12,323 victims of Ponzi or pyramid schemes within the UK for the reason that begin of 2020. 

NUMBER OF UK VICTIMS OF INVESTMENT FRAUD 












Kind of Fraud  

2020 

2021 

2022 

2023 

Whole 

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  

Prime Financial institution Ensures 

2  

4  

4  

         10  

Time Shares 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 Administration Institute, stated: “It’s regarding that yearly hundreds of individuals are shedding tens of millions of kilos to monetary scams within the UK. The quantity and class of funding scams is ever-growing.

“Rising the quantity of economic training offered in faculties may additionally assist to make folks extra conscious of the dangers of funding scams.”

MONEY STOLEN IN INVESTMENT FRAUD 












Kind of Fraud  

2020 

2021 

2022 

2023 

Whole  

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 

Prime Financial institution Ensures 

£146,150 

£75,700 

£0 

£21,349 

£243,199 

Time Shares 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 info was obtained utilizing a Freedom of Data request to the Metropolis of London Police’s Nationwide Fraud Intelligence Bureau.


 



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