Scammers now make £5,000 a time with their bogus investment swindles

THE average loss to an investment scam is now just under £5,000, according to the latest data.

Around one in 12 people would be willing to immediately agree to an investment “opportunity” if it promised to double their money in a year, a survey indicates.

The Censuswide research was commissioned by Nationwide Building Society, which is warning people not to be reeled in by scammers promising returns that are too good tobetrue.

Overall, just over six in 10 people said they would agree to an investment promising to double their money in a year, with some of this group saying they would carry out research online or wait for paperwork to arrive before making the investment.

Criminals can produce brochures or websites which may appear very professional and they can also clone the websites of legitimate firms to give the impression of being from a trusted brand.

Nationwide is urging any members who are concerned or doubtful about an investment opportunity to use its scam checker service, which is available in branches or by calling the freephone number 0800 030 4057.

If a Nationwide member uses this service and the payment goes ahead and the member is subsequently scammed, unless Nationwide told the member not to proceed, they will be fully reimbursed.

Just under a quarter of the 3,000 people surveyed said they would be willing to take more risks to make money. Jim Winters, director of economic crime at Nationwide, said: “The lure of big returns can be very tempting but if people aren’t careful they can lose life-changing amounts to an investment scam.

“At a time when many are experiencing financial pressures, we are seeing an increase in these types of crime – both in terms of volume and the amount lost.”