Over £612m was lost to investment fraud in 2023, according to new data from crime reporting service Action Fraud.

Between January 2023 and January 2024 there were 30,130 reports of investment fraud, with the average loss per victim estimated at £25,110.

The most commonly-affected age range for victims was 55-64, with over £133m in losses recorded for this age bracket.

Cryptocurrency was the most common asset that victims believed they were investing in and accounted for 40% of all reports.

Unspecified trading and stocks and shares collectively accounted for 10% of reports.

City of London Police, the lead UK police force for fraud, saw one victim lose £11.9m to investment fraud last year.

The force recommended that people take professional financial advice before investing in any form of investment.

In 861 (3%) of reports, the fraudsters used the names of social media or influential personalities to persuade investors into making investments. Investors saw bogus advertisements on social media platforms and articles claiming to feature well known celebrities promoting trading platforms, with celebrities or high-profile figures mentioned in 89% of reports.

Action Fraud recommended that those approached by potential fraudsters should check if the company is regulated by the FCA by using the FCA register.

A separate recent report suggests that over £2.6bn has been stolen through investment fraud in the UK since the start of 2020, according to research by the Pensions Management Institute (PMI) earlier this month.

The data, obtained through FOI requests, showed there were almost 100,000 victims of investment fraud between 2020 and 2023.

The figure included 26,740 victims in 2023 – the highest number of victims in the four years covered by the research. The victims collectively lost £527m to investment fraud in 2023, about £1.4m each day.

Financial Planning Today Analysis: The latest figures from City of London Police area a timely reminder of the huge scale of investment fraud in the UK. This is no longer a crime which affects the vulnerable and naive. People across the wealth spectrum are being targeted by a seemingly growing number of fraudsters. Despite the scale of the problem, the UK is relatively under-resourced when it comes to fighting fraud and the UK government needs to invest much into tackling a crime that can literally ruin retirements and people's finances in minutes. On the positive side the FCA and other bodies are trying much harder to alert people to the dangers and this is having some impact. Banks and other financial providers are also trying harder but there is much more to do.