Our reports show that Binary Options fraud appears to be a growing problem. In just the first half of 2017, 697 people reported to have lost over £18 million.
Operation Broadway, a London-wide intelligence-led drive to uncover and disrupt suspected ‘boiler room’ investment frauds operating out of of the capital, was launched in 2014 by the City of London Police, City of London Corporation Trading Standards, Metropolitan Police, National Trading Standards ‘Scambusters’ Team, HMRC and the Financial Conduct Authority.
Those who fall victim to Binary Options fraud lose an average loss of £22,000.
City of London Police’s Chief Superintendent Glenn Maleary, Head of the Economic Crime Directorate, said:
“It is clear that binary options fraud is on the increase and this is the result of opportunist fraudsters who have decided to take advantage of an unregulated market and have done everything they can to defraud unsuspecting investors.
“Throughout this year we have been raising awareness of Binary Options fraud and over the coming days we will be providing more advice on how people can beat the boiler rooms and protect themselves from investment fraud.”
Report fraud and cyber crime and receive a police crime reference number.