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.

Pension transfer activity slumped by 20% during 2020 but signs of possible scams climbed with 49% of transfers showing at least one 'red flag', according to a new report.

Nearly 120 pension schemes have signed up to back a campaign launched by The Pensions Regulator to do more to fight pensions scams.

The Investment Association, the fund managers’ trade body, has urged the Government to include online investment scams in its new Online Harms Bill.