The number of investment scams has quadrupled since the first UK lockdown began in March with fraudsters using more sophisticated tactics.

Scammers have been cloning fund managers’ websites, products and documents to steal almost £10m ($13.3m) from UK investors.

Fraudsters are even creating fake price comparison websites, says the Investment Association (IA).

The reported number of scams almost quadrupled from around 300 to 1,175.

“In a year clouded in uncertainty, organised criminals have sought opportunity in misfortune by attempting to con investors out of their hard-earned savings,” said Chris Cummings, chief executive of IA.

Losses added up to £9.4m between March and mid-October, due to sophisticated “cloning” investment scams.

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