Police are reminding the public to remain vigilant against investment fraud, following a report made to police regarding a significant amount of money being lost by an elderly male.

Criminals often promise high returns with little or no risk, but investment schemes, including those which use cryptocurrency, can result in devastating financial losses if they are not legitimate.

Detective Inspector Harris said: “If an offer sounds too good to be true, it usually is – so it’s very important that those dabbling in these schemes do their research well before committing or transferring money.

“The criminals behind fake investment opportunities are often very skilled and will use professional-looking websites and persuasive tactics to convince people to part with their money.

“We have seen many times, how clone companies have been set up to urge people to buy into investment opportunities, and this is exactly what has happened on this occasion.

“Please follow the advice already in the public domain and protect yourself from this type of crime. It’s also worth noting that regulated investment activity will be governed by the Financial Conduct Authority – so please make sure whomever you are speaking to is authorised to do so.

“The best way to fight scams and not lose money is to Stop. Check. Report. By following these simple rules, you could avoid becoming a victim of this type of crime:

“Stop - Before you transfer money or disclose any personal details to anyone you do not know. Do not feel rushed or pressured by timelines - genuine companies and callers will always give you time to consider your options.

“Check - Check and verify who you are communicating with using a trusted source. Take time to verify callers on another phone line where possible and check images via an image search. If you are in any doubt do not transfer any money or goods.

“Report - If you have been a victim of a scam, report it to police online at www.psni.police.uk/makeareport or call on 101, to your bank immediately, online at www.actionfraud.police.uk or call 0300 123 2040. You can also forward scam texts to 7726.

“Further information and advice can be found at: http://www.nidirect.gov.uk/scamwiseni or the ScamwiseNI Facebook page @scamwiseni.