Suffolk residents lose £5.6m to investment fraud in 2024

In 2024, Suffolk saw over £5.6 million lost to investment fraud, as reported by Suffolk Police and Action Fraud, with 233 cases documented. The data indicates that individuals aged 35-44 were most frequently targeted, while those aged 55-64 experienced the largest financial losses. Cryptocurrency scams were particularly prevalent, comprising 66% of reported fraud cases, with social media platforms, especially WhatsApp, being a common conduit for these scams. Detective Superintendent Oliver Little emphasized the importance of skepticism, urging potential investors to remember the cautionary adage, 'if it is too good to be true, it almost certainly is.' He advised thorough independent research and checking for Financial Conduct Authority (FCA) registration before investing. The findings highlight the growing sophistication of fraudsters who often impersonate trusted public figures to gain credibility.