New data from Action Fraud shows people lost more than £78 million to investment scams last year – with the average “clone” scam costing the victim just over £45,000.

Reports of clone firms rose 29 percent from March to April 2020 – as the UK entered its first coronavirus-induced lockdown.

Superintendent Sanjay Andersen, from the City of London Police’s National fraud intelligence bureau, said the pandemic had caused more people to feel financial worry, wh...