More than £5 million was lost by residents of Suffolk County due to investment fraud in 2024, according to new police data.

Suffolk Police reported that figures from Action Fraud show a rise in cryptocurrency-related scams in the region.

People aged 35–44 were most frequently targeted, while those aged 55–64 suffered the largest financial losses.

“If something sounds too good to be true, it probably is,” said Detective Superintendent Oliver Little.

In total, 233 cases of investment fraud were reported across Suffolk last year, with combined losses amounting to £5.6 million.

Police explained that investment fraud occurs when criminals contact individuals unexpectedly and persuade them to invest in schemes or products that are either worthless or entirely fictitious.

Fraudsters often promote investment opportunities in foreign exchange markets, gold, overseas timeshares, or cryptocurrency, promising unrealistically high returns that far exceed normal market trends.

“An Alluring Pitch”

Detective Superintendent Little, from the City of London Police operations unit, emphasized:

“It may sound obvious, but we really stress the age-old saying: if it’s too good to be true, it probably is.”

He noted that investment scammers are often highly skilled and deliver a very convincing and tempting pitch about how much money can be made in a short period of time.

He warned people not to be lured by promises of ‘easy money’, as the world of investments is anything but simple.

Police Recommendations:

• Always do your own independent research;
• Verify the investment firm with the Financial Conduct Authority (FCA);
• Never accept financial advice via social media or from strangers who approach you out of the blue.