Residents of the Isle of Man lost more than £2.2 million to scams in 2024, according to the latest annual threat report from the Cyber Security Centre for the Isle of Man (CSC).

The figure represents a significant concern for both individuals and the local economy, with officials warning that the true scale of losses is likely much higher due to underreporting.

The report, which details the various scams targeting islanders, shows that investment scams were the most damaging, accounting for £1.28 million of the total losses.

Victims were lured with promises of rapid returns on non-existent shares and cryptocurrency investments.

In some cases, scammers impersonated celebrities such as Jeremy Clarkson and Richard Hammond to add legitimacy to their fraudulent schemes.

One individual lost over £85,000 through a fake trading platform.

Vishing - or voice call scams - was the second most costly category, with islanders losing £391,674.

The scams often involved fraudsters posing as bank employees, using spoofed numbers to trick victims into sharing sensitive information.

In one notable incident, a company lost £66,100 after an employee was convinced to log into a fake banking website.

Account compromises, largely through phishing emails imitating Manx.net and Manx Telecom, resulted in losses of £113,472.

Over 60 accounts were targeted in a widespread campaign where users were misled into believing their accounts would be closed unless they updated their details.

Attackers used the stolen credentials to send out further scam emails or coerce victims into buying gift cards.

Other scams that hit the island included fraudulent websites impersonating local services like Isle of Man Transport, invoice fraud, and romance scams.

In one romance scam, a victim sent £25,000 to someone they believed they were in a relationship with online.

Purchase scams, particularly via Facebook Marketplace, also featured prominently, with many losing money on items that were never delivered.

Cyber Security Centre Isle of Man director, Mike Haywood, described the figures as ‘deeply concerning’ but warned they likely represent only the ‘tip of the iceberg’.

‘Every pound lost to scams is not just a loss for our local economy - it’s the hard-earned money of individuals in our community,’ he said.

‘Money that could be spent on essential needs, families, or supporting local businesses and creating jobs.

‘Instead, it is lining the pockets of criminals operating from all corners of the world.’

The CSC received 497 cyber concern reports in 2024 and over 9,300 suspicious emails through its reporting service, a 50% increase from the previous year.

Mr Haywood added: ‘We encourage anyone who has been in receipt of or been a victim of a scam to report it to us.

‘We can only fight against cybercrime if we have a picture of the threats facing our island.

‘Reports allow us to work with the private sector and tailor our education and awareness initiatives to counter the threats.’

Anyone wishing to report a cyber concern can do so via the CSC’s online form or by calling 01624 685557. The full threat report is available on the CSC website.