Investment scams have cost victims more than £2.6bn since the start of 2020, a freedom of information request from the Pensions Management Institute (PMI) has revealed.

The data from the City of London Police’s National Fraud Intelligence Bureau revealed that there was almost 100,000 victims of investment fraud between 2020 and 2023, with 2023 seeing the highest number of victims in the four years covered in the research at 26,470.