The Serious Fraud Office has launched an investigation into suspected fraud involving a group of unauthorised collective investment schemes investing in car leasing companies.

Investment fraud victims are suffering £373m of repeat fraud a year and can lose even more than they lost the first time they were conned, according to police data.

Wealth management professional trade body PIMFA and the Financial Services Compensation Scheme have joined calls for economic harm to be included in the government’s upcoming Online Safety Bill.

Investment scam victims are losing an average of £45,000 each to fraudsters and falling prey to a soaring number of 'clone' investment scams, latest figures from Action Fraud reveal.