Surrey emerges as Britain’s investment fraud capital

Maria Nikolova

Surrey saw the most incidents of financial investment fraud in 2014-2016, with 2.1 reports per 10,000 people, against an average of 1.3, according to data analysed by Which?.

Surrey has emerged as Britain’s investment fraud capital, according to figures for 2014-2016 from Action Fraud, obtained and analysed by Which?

Which? has turned the data into an interactive map, showing the type of fraud prevailing across England and Wales. Norfolk is the dating fraud capital, whereas Surrey is the hotspot for investment scams. Surrey registered the highest number of incidents of financial investment fraud, with 2.1 reports per 10,000 people, against an average of 1.3, the data shows.

The Action Fraud data points to 264,204 fraud cases reported in 2016, 10.7% higher than in 2015. However, not every fraud is reported to Action Fraud. A survey by the Office for National Statistics (ONS) suggests there may be as many as 5.4 million fraud and computer misuse cases annually.

The value of alleged fraud reaching UK Courts surpassed the £1 billion mark in 2016, according to the KPMG Fraud Barometer. The UK suffered approximately £1.14 billion in fraud losses in 2016, a rise of 55% from £732 million in 2015.

The KPMG study shows that London and the South East accounted for most of the fraud losses last year – more than £800 million, almost three quarters of all of the UK fraud. The Which? data shows London is a hotspot for a variety of scams, including regular payment fraud and being charged fees for fake loans, as well as social media hacking.

The City of London Police have recently voiced their concerns about the growth of binary options fraud. The tactics used by binary options fraudsters have evolved, with these scammers often misusing the names of famous people and businesses to attract clients. Sir Richard Branson, Virgin Group founder, has warned that criminals are using his name and that of his companies to dupe people into buying fake investments.

Action Fraud has registered a sharp increase in reports of binary options fraud with the number of reports tripling in the last financial year. The financial losses rose from £2 million to £13 million during the period.

Read this next

Digital Assets

Binance executives sue Nigerian authorities over rights violation

Two senior executives from Binance have filed a lawsuit against against Nigeria’s national security adviser’s office and its anti-corruption agency, alleging violations of their fundamental rights.

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

<