Online investment fraud increasing, warns FCA
Under-25s are six times more likely to trust an investment offer made via social media compared with those aged 55-plus
Binary options, contracts for difference (CFD), rolling spot foreign exchange and cryptocurrencies such as bitcoin are being used to lure people into scams, warns the Financial Conduct Authority. It notes that while those aged over 55 tended to be the most at risk historically, today the under-25s are the most susceptible to online investment fraud.
The UK’s financial watchdog urged the public to be vigilant in a warning published on January 29. The call comes as the regulator revealed
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