'Missed opportunity' to use victims in scam work

“We invite any firm or industry body interested in combatting scams to contact us. Together we can reduce consumer harm and industry burdens caused by scamming.”

Last week, the Investment Association warned fraudsters have been convincing savers to purchase investment products that do not exist and to give away their personal details as part of “sophisticated” impersonation scam.

A number of investment companies reported that fraudsters have been impersonating their products, in particular investment bonds, and promoting them through fake price comparison sites in order to get their hands on savers’ cash.

The IA said a number of firms across the industry have been affected and approximately 300 incidences of this fraud have been reported to date, with an estimated total loss to savers of £4m.

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