Fraud victims in Kent lost more than £9 million last year after mistakenly investing in sham companies.

Between December 2019 and the end of 2020, hundreds of people across the county fell victim to 'clone firm' investment scams.

The "sophisticated" scams see criminals use the name, address and firm reference number of real companies authorised by the Financial Conduct Authority (FCA), and set up exact replicas of the existing companies' websites.

They then encourage people to invest by taking out adverts on social media or internet search engines, which contain links to the false websites.

Across Kent, there were more than 470 reports of this type of fraud in Kent, in the 12-month period from December 2019.

The scammers often promise their investors modest returns, so as not to arouse suspicion. But the returns are usually at slightly better than the market rate, and so appeal to those looking for long-term, ‘safe’ investments.

In the end, victims will end up transferring their savings directly to criminal gangs under the false belief they are sending them to a legitimate investment firm.

Victims will often not realise they have been scammed until months later, when they fail to receive quarterly returns or investment reports.

Kent Police is now supporting a national campaign led by Action Fraud, City of London Police and the FCA to raise awareness of this type of offending.

Det Insp Helen Smithers of the Serious Economic Crime Unit said: "In many cases clone firms are very sophisticated operations with elaborate websites and investor login sections, often hosted overseas and outside of the UK jurisdiction.

"It is therefore very important that anyone considering making an investment in a company takes the time to really check who they are dealing with such as by asking a registered financial advisor, checking the Financial Services Register and taking the time to consider if they could be falling victim to a scam.

"Anyone who thinks they may have mistakenly invested in a clone firm is advised to report it to Action Fraud as soon as possible. Steps can then be taken to identify and arrest those responsible, to take down the offending websites and to help prevent anyone else from losing their hard-earned savings."

Police say that checking a company’s Firm Reference Number (FRN) alone is not enough to ensure a firm is authentic, as criminals will often copy FRN numbers from legitimate firms..

Anyone considering an investment opportunity should double-check all the details of a firm. This includes the telephone number listed on the Financial Services Register.

Police say people should protect themselves from this type of fraud, by rejecting unsolicited investment offers made online, via social media or over the phone.

They also advise anyone thinking about investing to consider seeking impartial advice before doing so.

Investors can test if they can spot an investment scam from a smart investment by taking the 'scam or smart’ quiz on the FCA's website.

If you think you have fallen victim to an investment fraud, report it to Action Fraud as soon as possible online at www.actionfraud.police.uk or by calling 0300 123 2040.

Read more: All the latest news from Kent