The number of investment scams fell 29% to 3,647 cases in the first half of 2024 (H2 2023: 5,114 cases), according to new data from professional body UK Finance.

However, despite the number of cases falling, the amount of money lost to fraudsters fell by just 1% to £56.4m, according to UK Finances’ Half Year Fraud Report.

After the peak seen in 2021 during the pandemic losses and case volumes have levelled out, according to the professional body this is likely a combination of factors including fewer opportunities for fraudsters to contact victims now that lockdown restrictions have eased, and also the emergence of cost-of-living pressures meaning individuals are more cautious with money and less likely to be looking for investment opportunities.

Investment scams continued to account for the largest value of all eight authorised push payment scam types accounting for 26% of the overall total.

During the half just over £30m was returned to victims of investment scams by payment service providers, just 53% of the sum lost.

A total of £571.7m was stolen by fraudsters in the first half of this year, through unauthorised and authorised fraud, a 1.5% decrease compared to the first half of 2023.

Overall authorised push payment fraud losses were £213m, down 11% compared with the first half of 2023. The total number of APP cases was down 16% to 97,344, with falls in case numbers across all categories of APP fraud.

A total of 72% of authorised push payment fraud started online and 16% started through telecommunications networks.

Ben Donaldson, managing director of economic crime at UK Finance, said: “Earlier this month we saw the introduction of new APP reimbursement rules for customers and while reimbursement is important in the fight against fraud, it can only be part of the solution. On its own it does nothing to prevent or reduce the psychological harms to victims, nor does it prevent organised crime groups from stealing money. That is why the financial services industry is always focused on preventing fraud happening in the first place.

“Criminals will keep adapting, which means we all need to remain focused on reducing fraud and thereby protect customers and society from the adverse effects of this awful crime.”

Separate research from financial wellbeing specialists Wealth at Work earlier this month found that 12% of UK adults have lost money to a financial scam in the last year.

More than a third (34%) of those who had lost money to a scam had done so to two or more types of scam. The average amount of money lost was £1111.21.