In the last financial year, almost £74,000 was lost every day to 'get rich quick' schemes and bogus online trading platforms, new figures show.
People are often conned into investing in foreign exchange (forex) and cryptocurrency scams on social media through fake celebrity endorsements, according to the Financial Conduct Authority (FCA) and Action Fraud.
More than 1,800 reported losing money to investment and trading scams - triple the amount seen the year before.
The agencies revealed more than £27 million was lost in 2018-19 and victims lost on average £14,600 each.
Bitcoin is the most famous cryptocurrency, but there are more than 1,500 cryptocurrencies including other well-known ones such as Ethereum and Litecoin.
Cryptocurrencies are virtual peer-to-peer currencies that only exist online and are not controlled by a bank, treasury or country.
Cryptocurrencies are also anonymous, so are favoured by scammers as the transactions can't be traced back to one person.
After luring people in with ads or posts on social media, scammers lead victims to professional looking websites where they're persuaded to invest in the bogus schemes.
Often the scammers will call the victim and, after a lengthy conversation, will talk them into the investment. Once the victim has invested, they might never see their money again.
Some scammers may string people along for longer than this.
The scammer will convince the victim the first investment went well and and will convince them to invest more money or get friends and family involved as well - all with the promise of even greater returns.
But eventually the scammer disappears - along with the victim's money.
You should always be wary of something which seems too good to be true and if you're contacted out of the blue about the investment.
Even if the website looks very professional or you've seen an advert on social media, you shouldn't assume the investment is legitimate.
Scammers can also make convincing fake websites of well-known brands, which are virtually indistinguishable from the real thing.
If you're thinking about an investment make sure you do your research properly.
If you're speaking to someone on the phone, tell them you'll call them back. Take your time to look into the company and don't just check the first result on Google.
It's also a good idea to speak to someone you trust before handing over money as well to see what they think.
Use the contact details on the register, not the details the firm gives you, to avoid 'clones'.
Which? head of money, Gareth Shaw, said scam victims have little hope of justice, with research showing fewer than one in twenty scam cases reported to Action Fraud are solved.
He said: 'In order to fight this worsening crime, a more joined up approach is needed from the government, police and businesses whose services are exploited by fraudsters to prevent people from being scammed in the first place - and to act fast to recover their money when the worst happens.
'The banking industry must urgently step up its preparations to introduce confirmation of payee name checks, which could cut bank transfer fraud in half overnight.'