The FMA has received 25 complaints about cold callers over the past four months, the same number as was received over the previous 12.

It is warning that investors need to be aware of the potential for loss – and that the scams were not just targeting newbie investors but experienced, professional investors.

“The fact that there appears to be an element of cherry picking means it’s possibly more likely that the people who get stung have an existing adviser relationship,” said the FMA’s director of external communications and investor capability, Paul Gregory.

He said the amounts reported as lost varied between $4000 and $700,000.

These operations, set up by a team of fraudsters in makeshift offices overseas – beyond the FMA’s reach – offer non-existent, worthless or overpriced investments. They mostly sell shares but the FMA is also aware of FX trading, binary options and sports investment schemes being sold in this way.

Bronwyn Groot, of the BNZ’s financial crime and security team, said the schemes were slick operations that targeted informed, high-value investors.

But she said a red flag was that they were usually pressured sales.

Gregory said advisers need to make their clients aware of the potential for a scam. “Advisers have an educational role. It’s illegal to cold call and the results are generally poor.”

He said the FMA was aware it was the tip of the iceberg when it came to reports of scams. “These crimes are much more prevalent in New Zealand than people realise and scams really can happen to anyone.”