Millions lost in investment scams last year

scam £212 million was lost in investment scams last year, a rise of 20%, according KPMG's Fraud Barometer.

(You could quite easily imagine someone named Fraud Barometer, couldn't you?)

This increase lost to investment fraud came alongside a £824 million pound drop in the total to £717 million.

Now KPMG reckon that the numbers indicated that "victims are now being targeted because of vulnerability rather than wealth," according to a report in the FT.

KPMG also said that part of this increase could be traced to such things as rising incomes and as investors search for 'yield-bearing' alternatives.

"You’ve got a generation of pensioners that actually has money but is not getting great returns on that money," said KPMG partner Hitesh Patel.

"Pensioners effectively become targets for organised crime. A lot of people are being targeted by quite sophisticated criminals with compelling explanations of the 'investments'."

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