Investment Fraud Cost Victims Over £649 Million in 2024
May 22, 2025
Older Adults Suffer Greatest Losses as Sophisticated Scams Surge on Social Media
Investment fraud continues to devastate thousands across the UK – with total losses hitting over £649 million in 2024, according to new figures from Action Fraud.
Despite a slight drop in the number of reported cases, the financial damage is rising with scammers targeting larger sums through more convincing and complex tactics.
The data showed people aged 35-44 were more likely to be targeted for investment fraud whilst victims aged 55 to 64 suffered the greatest financial losses.
Highlighting a shift in scam strategies toward those with retirement savings or investment funds.
The most common investment scam ruse? Cryptocurrency.
Crypto investment fraud claims made up 66% of all reports, up 16% from the previous year.
Fewer Reports, Bigger Scams
Action Fraud recorded 25,843 reports of investment fraud in 2024, down 7% from 2023. However, the total losses increased by 13%, suggesting that while scams may be fewer in number, they are far more damaging.
Even at a regional level, the numbers are staggering. In the Thames Valley area alone, over £23 million was lost to investment fraud in 2024, across just 861 reported cases.
Thames Valley Police and Crime Commissioner Matthew Barber said: “Some feel guilty they were groomed or that their contacts were used to target other victims through social media, but only the fraudsters are at fault…I urge those who have been affected to report investment fraud and seek support.”
How Are People Being Targeted?
Scammers are evolving and social media seems to be their weapon of choice.
- 36% of all investment fraud reports were linked to a social media platform
- WhatsApp was the most-used platform by scammers (40%)
- Facebook and Instagram followed closely, at 18% and 14% respectively
- Fraudsters often impersonated trusted public figures such as Martin Lewis or Elon Musk to lend credibility
The Red Flags of Investment Fraud
If you spot any of these warning signs, proceed with caution:
- Unsolicited contact about an investment opportunity
- Promises of high returns with low or no risk
- Pressure to act quickly –“before it’s too late”
- Requests to send money via crypto or unfamiliar accounts
- Use of public figures’ names, faces, or “quotes”
- Contact limited to messaging apps like WhatsApp
What To Do If You’re Concerned
If you think you’ve been targeted or have already sent money, take action quickly:
Report it to your bank immediately – they may be able to stop the payment or recover funds
Contact Action Fraud (the UK’s national reporting centre for fraud)
Keep records – save all messages, screenshots, emails, or payment confirmations
Don’t stay silent – many victims feel embarrassed, but reporting it helps protect others
Check if you could recover your losses – depending on how the scam happened – you may be eligible.
Know Your Rights – And Get Help
Investment fraud can feel overwhelming, but you’re not alone.
If you’ve lost money to a scam or suspect you’ve been misled, you may have the right to recover your losses.
At Compensation Adviser, we can help you understand what options might be available – depending on your circumstances – including whether a claim is possible.
We are an FCA authorised and regulated claims management firm specialising in helping victims of scams, fraud and financial mis-selling pursue their losses.
We provide a free initial assessment to help you understand your case and possible routes to recover your losses.
There is no obligation to use our service to make a claim.
You can make a claim yourself for free to your bank and if necessary the Financial Ombudsman Service