An increase of the investment of the scam is the result of fraud victims lost an average of almost Â£26,000 each, according to the City of London Police.
It involves the so-called trading of binary options, where individuals can bet on the price of stock or currency movements.
Victims are encouraged to go to the web sites of trade through advertisements in social media.
The Financial Conduct Authority (FCA) has already warned about binary options, which are not regulated.
In the first half of 2017, nearly 700 victims lost Â£18 million, according to the police.
That means that the average losses of Â£25,916 each one.
A police spokesman said that the fraud is affecting a wide range of people – not only the financial funds.’I have no purpose’
A victim of London, Jamie Norton, a loss of â‚¬ 300,000 in the binary trading – all of your money.
“Simply, I sucked with all their communications and promises,” he told the BBC’s You and Yours programme earlier this summer.
He was forced to sell his home as a result. And he has been left with a lasting emotional damage.
“Every night I don’t want to wake up the next day,” he said.
“I have no purpose to get. There is nothing that I like. There is nothing that I look forward to.”Banks consider 555 fraudHow does binary trading work?
Investors do not buy the shares themselves; they simply bet on if they are going to go up or down.
If you choose a call option, you are betting on a particular share price will rise during a certain period of time. If the stock price is higher than that of the end of the contract, they win. If it is lower, you lose.
If you choose a put option, you are betting that the price of the stock will fall.
The same principle applies to betting on currency movements, or share price indices.
Some of the sites are legitimate, according to the Police, but many are not. Celebrities
Earlier this week, the police and Trade visited 20 addresses in the City to investigate this type of fraud.
Some of the web sites are designed to work from the most prestigious of the Square Mile, while others are based abroad.
In one case, we found evidence of a company that had gone, despite having paid three months rent in advance.
“This multi-agency operation allows us to talk with several companies and to gather significant intelligence about the different investments that are currently being traded in the City,” said chief superintendent Glenn Maleary, chief of Economic Crimes of the Directorate in the City of London Police.
“With our partners, we want to make sure that the City is a hostile environment for fraudsters to operate in and we will continue doing everything possible to make sure that this is the case.”
In some cases, web sites use celebrities to attract people. Both Sir Richard Branson and Martin Lewis – the founder of MoneySaving Expert have found that their photographs to promote the scams.