The number of frauds in England has increased since the lockdown began
The number of scams has quadrupled since the UK's first lockdown began in March, as fraudsters used more sophisticated methods.
Fraudsters are cloning fund managers' websites, products, and documents to steal nearly 10 million pounds ($ 13.3 million) from British investors.
Scammers even create fake websites to compare prices, says the Investment Association (IA).
The number of reported scams nearly quadrupled from around 300 to 1,175.
“This year, organized criminals have sought out research to try to deceive investors,” said Chris Cummings, CEO of IA.
Losses amounted to 9.4 million pounds between March and mid-October due to fraud.
The Investment Association discovered that fraudsters were promoting fake products on fake websites to compare prices and ads on social media and search engines.
Earlier this month, UK firm Action Fraud revealed that victims of investment fraud had lost at least £ 657m in the past year, an increase of 28%.
The Anti-Fraud and Cyber Crime Organization said fraudsters have been looking for opportunities during the coronavirus pandemic.