Scammers Steal £9.4 Billion from Britons in Fake Investments and Job Offers
A shocking ITV Tonight investigation has uncovered that scammers stole a staggering £9.4 billion from Britons last year through a wide array of deceptive schemes, including fake investment portfolios and fictitious job offers. The report highlights how fraudsters are exploiting advanced technologies and personal relationships to defraud unsuspecting victims across the United Kingdom.
Nancy's Inheritance Lost to Fake Ethical Investment
Wellbeing therapist Nancy Laats thought she had found an ethical way to grow her £28,000 inheritance when she invested in the Unique Property Investment Group, an assisted living company promising a monthly 25% return. After staking an initial £13,000 and receiving five regular monthly payments of £275, she invested a further £15,000, only to be informed two weeks later that the company had instructed administrators, leaving her with nothing.
Nancy features in the ITV Tonight investigation, which found that scammers stole £9.4 billion from Britons last year through everything from fake investment portfolios to fictitious job offers. Administrators' reports revealed that while investors like Nancy poured over £12.5 million into Unique, the company owned just two properties worth £315,000, linked to a genuine Housing Association, with other contracts failing to materialise.
Nancy told Tonight, "They sent me amazing professional brochures. They said they were in communication with YMCA, it was government backed." However, the Tonight team contacted the government, YMCA, and Revolut, all of whom denied any connection with Unique. Company accounts showed "nil" funds, with just over £1 million paid in inter-company loans.
Reflecting on her loss, Nancy said, "I went through a few weeks of calling myself stupid... really pulling myself to shreds." Unique denied wrongdoing, stating it did not guarantee returns and that intercompany loans were part of its development strategy, citing financial and operational pressures for its administration.
The Financial Ombudsman accepted one investor's case as fraud, and Nancy hopes her bank will follow suit, potentially allowing her to recover funds under new reimbursement rules introduced in October 2024 for victims of Authorised Push Payments.
Social Media Scams and AI Deception
Scammers are increasingly hijacking personal relationships on social media. Sarah Rodriguez fell victim when she saw an Instagram friend, Jonny Stanton, apparently selling highly sought-after Oasis tickets for £150 each. After providing her Ticketmaster details and attempting a bank transfer, she discovered Jonny knew nothing about the tickets, with crooks stealing around £600 by impersonating him.
Jonny Stanton explained, "People were saying, 'hey mate, have you got those Oasis tickets?' Which kind of baffled me." Sarah's bank blocked the payment, but Jonny had to watch the scam unfold as friends sent him screenshots of fraudulent messages.
Sam Richardson from consumer group Which? warned, "We'd really warn people against buying tickets on social media." Meta, owner of Instagram, stated they are continuously working to stop bad actors who exploit people.
Another prevalent scam involves websites using AI to deceive consumers. Stevie Holmes, who runs Scarlett Jewellery, received refund requests last summer after a Hong Kong-based website with a similar name claimed to have a sale. Upon examination, Stevie noted the "owner" was AI-generated, holding an object that was not a jewellery tool. The Hong Kong firm did not respond to Tonight's request for comment.
QR Code Frauds and Job Scams on the Rise
Specialists are working to stamp out scammers, with Visa's Cyber Fusion Centre using AI tools to detect threats from crooks trying to steal customer data. Mandy Lamb of Visa noted, "You might see the same value of transactions flowing at pace from multiple consumers into a single account."
Last April, it was reported that 800 cases of QR fraud in one year cost victims £3.5 million. Local authorities have faced rogue QR codes placed over real ones in car parks. Joseph Gash of Huddersfield scanned a fake QR code in a Leeds car park, leading to an attempt to buy £500 in Apple gift cards, which his bank blocked.
Lloyds Bank reported a 230% increase in job or task scams over the last year. Simon Miller, director of the Credit Industry Fraud Avoidance System, explained, "Task scams are a direct offer of work – it may be reviewing articles, reviewing films - predicated on you making a payment to access that work. The end result is always the same. There is no financial payout. The only payout is to the fraudsters."
He warned, "Fraud accounts for 44% of all crime. Consumers are hit by about £10 billion of scams each year, and these numbers are only going up."
Rising Scams: What You Need To Know airs at 7:30pm Thursday on ITV1 and ITVX, providing further insights into these alarming trends.
