<ul><li>The Investment Association in the UK has issued a warning about the increase in 'cloning scams', where criminals set up fake versions of legitimate websites or accounts to deceive people into giving them money.</li><li>In the last year, there were 478 incidents of investment management firms being impersonated by fraudsters, resulting in consumers losing £2.7 million ($3.5 million), with 23% of attempts being successful.</li><li>Consumers are urged to be vigilant against these scams, with the rise of artificial intelligence making them more sophisticated and harder to detect.</li><li>The IA report also highlighted other types of fraud, including card fraud and account takeover scams, emphasizing the need for caution when transferring money and sharing personal information.</li></ul>

UK Investment Association Warns of Rise in ‘Cloning Scams’

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