Staying Online Exposes You to Crypto Fraud

The sum of funds lost in reported crypto scams has increased by 30% compared to the previous year

A Bloomberg Report according to the report, the number of crypto fraud cases in the UK rose sharply in the first nine months. More than 146 million pounds ($201 million) was lost to crypto scams between January and October, with most of the victims being young people. The City of London Police said that a total of 7,118 reports of cryptocurrency-related fraud were filed.

Acting Detective Chief Inspector Craig Mullish shared that the rising number of crypto scams is not entirely unexpected.

“Reports of cryptocurrency fraud have increased significantly in recent years. The fact that more people are online means that criminals have a greater chance of targeting unsuspecting victims with fraudulent investment opportunities.”

The local police department warned against rushing into celebrity-endorsed offers, as most scammers create fake endorsements to seduce unsuspecting victims. The warning is backed up by statistics, as nearly four-fifths of complaints filed about fake endorsements in the UK revolve around cryptocurrency.

More than 50% of victims of crypto scams are between 18 and 45 years old. This is not surprising, considering that the younger population makes up the majority of people who invest in cryptocurrency.

A survey conducted in July by market research and intelligence agency Opinium found that half of Britons between the ages of 18 and 29 consider cryptocurrencies as their first investment. In particular, the survey results showed that young Britons see Bitcoin and Dogecoin as the best cryptocurrencies to invest in at this time.

Around the same time, retail and commercial bank NatWest warned its users to be aware of the threat of fraud and scams in the crypto industry. David Lindberg, the bank’s chief executive, specifically warned against fake cryptocurrency platforms created to steal from people who unknowingly invest. Lindberg also described the UK crypto market as a hotbed for crypto scammers.

“Fraud and scams are an industry. They’re intelligent, and they move fast, and it’s heartbreaking to see them trying to destroy lives.”, sagte him at the time.

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