As the fraudsters replace telephones with computers the FCA have reported those under 25 are more likely to fall foul of scams offered through social media.
Where a bright, flashy and jargon scripted brochure would land on your doormat after a cold call or in your inbox these brochures are sent across instantly through social media approaches and adverts.
Whilst the mechanics of the con may change everyone should be mindful the crux remains the same.
Know the signs and if you do find you have lost money to a scam find out the options open to you.
Where victims have historically been retirees duped by boiler room cold calling techniques, younger people are increasingly falling pray to investment fraud because of its online nature, the FCA said. Those aged under 25 are six times more likely to trust an investment offer they received through social media compared with the over 55s, the regulator found, while younger people are “significantly” more likely to fall victim to binary options scams than other types of fraud. “As people have become more sceptical of investment-related cold calls and consumer habits have changed, we have seen investment fraud moving online and to social media,” said Mark Steward, director of enforcement at the FCA.