Funding scams ‘stole £2.6bn’ between 2020 and 2023

Funding scams have conned virtually 100,000 folks into handing over £2.6bn to fraudsters since 2020, new analysis by the Pensions Administration Institute (PMI) has discovered.

Between January 2020 and December 2023, a median of £13m per week was stolen by criminals, with boiler room fraud and Ponzi schemes claiming the biggest totals. The figures imply victims misplaced £26,773 on common.