Clone firm investment scams can be sophisticated and devastating for those who fall for them. We talk to a loveMONEY reader who battled with his bank to get back £100,000.

Scammers have been taking advantage of rock-bottom savings rates and the chaos caused by the COVID-19 pandemic.

I’ve warned about many scams over the last year, including pet scams, vaccine scams and fraudsters selling investments that simply don’t exist.

The last scam in particular can be devastating with a loveMONEY reader recently losing £100,000 to fraudsters.

As lots of people want to make their hard-earned cash go further, they are sometimes getting caught out by rates on investments that are too good to be true.

If you want to find about more about how clone firm investment scams work, this guide will tell you everything you need to know.

Now I’ll reveal how one loveMONEY reader lost £100,000 in a sophisticated scam and what you can do to avoid falling victim to the scammers.

‘I lost £50,000 days before scammers were flagged by FCA’

How the scam works

In April 2020, Harry (his name has been changed for anonymity) received a call about investing in bonds from a firm called Savone Pierre Brokerage.

As he was planning various new investments, Harry cannot remember if he contacted this…

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