1/1 POLICE have issued a warning after a 29% increase in clone firm investment scams cost Hampshire residents £16m. People across the county lost an average of £31,941 last year after pouring money into what turned out to be fake investment firms. Residents in their 70s are among those most likely to fall victim to the scam. So-called clone firms are set up by fraudsters using the name, address and Firm Reference Number (FRN) of real companies authorised by the Financial Conduct Authority. Criminal gangs snare victims in several ways, often taking out adverts on social media platforms and search engines. People clicking on the adverts are taken to exact replicas of websites belonging to genuine investment firms.