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Scammers fool Britons with investment firm clones, says trade body

LONDON: More than 200 British retail investors have lost nearly 10 million pounds ($13.4 million) in total to sophisticated investment scams since a government lockdown in March to fight the COVID-19 pandemic, a trade body said on Saturday.

Fraudsters cloned genuine investment management firms’ websites and documentation, and advertised fake products on sham price comparison websites and on social media, the Investment Association said. Greater financial uncertainty and more time spent online have likely contributed to the increase in scams, industry sources say.

News source ~ Arab News