November 16, 2021

Crypto warning as investors lose £20,000 to scams – how to protect yourself | Personal Finance | Finance

An estimated £140million has been lost to crypto scams over the past year alone, according to Action Fraud. This is 30 percent more than the amount of money lost last year to crypto fraud, emphasising how prevalent scam operations have become in the UK in regards to certain cryptocurrencies, such as Bitcoin. Since the start of 2021, the UK’s fraud reporting centre has received 7,118 reports of cryptocurrency fraud, with an average loss per victim of just over £20,500.

Action Fraud’s research found that 18 to 25 year olds made up the highest percentage of reports at 11 percent.

Overall, investors aged between 18 to 45 years old accounted for over half of the victims hit by crypto scammers.

One of the most common tactics used by fraudsters to scam people out of their crypto assets is fake celebrity endorsements, according to Action Fraud.

Scammers will pose as A-list celebrities to present professional looking advertisements with…

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