Younger investors have been warned they could be unknowingly handing over their cash to illegal investment schemes. Vulnerable people are increasingly making risky financial decisions as people turn to social media and trading apps to get investment tips.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, told Express.co.uk: “Many investors who put money into high-risk products appear to be thrill seekers, investing for a challenge and for competition and for the novelty…