More than £5m set to be lost to scams in 2025

Insp Chris Beechey said people have lost more than £4m to investment fraud this year so far

Islanders are set to lose a record £5m to scams this year, police have estimated, as officers warn investment fraud is on the rise.

Insp Chris Beechey, head of the Jersey Fraud Prevention Forum, said scammers had already taken more than £4m in eight separate cases of investment fraud this year so far.

He said fraud reports to police had also reached a four-year high but he warned it was likely "the tip of the iceberg".

"Investment scams can devastate lives. If something sounds too good to be true, it probably is," he said.

The forum has advised investment scams had become "increasingly sophisticated".

In a statement, it said: "Criminals often pose as legitimate financial advisers or create convincing online platforms to lure victims with promises of high returns or 'risk-free' investments."

It also said cryptocurrency scammers had taken advantage of confusion around digital currencies, such as Bitcoin, to trick people into transferring money.

Insp Beechey said while there has been a "significant rise" in investment and cryptocurrency fraud, other types of fraud had not gone away.

He said: "What we know is that the impact on any victim of fraud and scam is significant... whether you've lost a million pounds or five pounds, the impact on you can be just as devastating."

'Be suspicious'

The forum shared three steps for people to follow to help guard against scams: including:

• Stop - pause before sharing details or clicking a link

• Think - could this be fake?

• Protect - contact your bank if unsure and report fraud to police

Insp Beechey said he was now encouraging people to be "as suspicious as possible".

He also wanted people to share their experiences and any concerns about potential messages from scammers to with friends, family and colleagues.

"Fraud thrives in silence. Let's talk about it," he said.