Cash point

Crooks are changing tack now the pension cold calling ban is in place.

Instead, they’re increasingly targeting social media users to flog dodgy investments.

Action Fraud is warning of the risk from get-rich-quick schemes advertised on social media as thieves pocketed more than £3million in just four months.

Victims lost an average £8,900 via photo sharing app Instagram, on the promise of high returns within 24 hours on a £600 investment.

Scammers spoofed screenshots showing investments were thousands of pounds in profit to lure people to part with more cash.

It wasn’t until people tried to withdraw funds that the fraudsters disappeared without a trace.

Never respond to any requests to send money, or have cash transferred into your account by someone you don’t know and trust.

If something feels wrong, you must question it. Don’t agree to any offer that involves a payment up front or having to sign a contract on the spot.

Always check the credentials of any financial firm or adviser on the Financial Conduct Authority’s website at register.fca.org.uk/.

If you have suffered from fraud or cybercrime, contact Action Fraud via actionfraud.police.uk or call 0300 1232040.

Every fraud report helps to stop others becoming a victim.