The number of reports about dubious investment products made to financial fraud hotline Fraude Helpdesk has gone up by 30% this year, financial services watchdog AFM said on Monday.

In total, investors have lost some €13m so far this year after putting money into products which involve speculating on share price falls and gains, as well as in cryptocurrencies and currencies.

Such products are sold as easy access but are actually extremely complex and four in five investors lose money, the AFM warned.

‘Investment scammers use all kinds of deceptive arguments and fraudulent tricks to convince people to step in,’ the agency said. ‘They promise wonderful returns, but in the end they pay out little or nothing, and the victims often lose a lot of money.’

The AFM and Fraude Helpdesk have now launched a joint campaign warning people about the dangers.

The campaign is fronted by singer Marco Borsato and television presenter Jort Kelder, whose photos have been used by fraudulent dealers in an effort to lure in unsuspecting investors.