The City watchdog has warned members of the public to be on high alert to online investment fraud after revealing that tens of thousands of pounds were lost every day to scams. The City watchdog has warned members of the public to be on high alert to online investment fraud after revealing that tens of thousands of pounds were lost every day to scams. In addition, the FCA said that online had overtaken phone as the most common contact method for investment fraudsters for the first time. They are enticed by “highly professional looking online investment platforms” that feature fake customer reviews, logos, and statements. Mark Steward, director of enforcement at the FCA, said: “As people have become more sceptical of investment-related cold calls and consumer habits have changed, we have seen investment fraud moving online and to social media.

Source: Irish Independent January 29, 2018 12:00 UTC