Scammers have been cloning fund managers' websites, products and documents to steal almost £10m ($13.3m) from UK investors.
Fraudsters are even creating fake price comparison websites, says the Investment Association (IA). The reported number of scams almost quadrupled from around 300 to 1,175.
Losses added up to £9.4m between March and mid-October, due to sophisticated "cloning" investment scams.
The Investment Association discovered scammers had been promoting fake products on sham price comparison websites and adverts on social media and search engines. The trade body has a dedicated live webpage for investors to research and avoid identified scams.
Earlier this month Britain's Action Fraud revealed victims of investment fraud had lost at least £657m in the past year, a rise of 28%.
The fraud and cybercrime prevention organisation said scammers have been looking for opportunities during coronavirus pandemic.