Cryptocurrency scams triple in a year – at £27m total cost to victims

Fraudsters use professional-looking websites and promise high returns

Investment scams involving cryptocurrencies such as bitcoin and foreign currency trading have tripled in a year, with the average victim losing £14,600, according to the UK’s Financial Conduct Authority.

The regulator and the police-run body Action Fraud are warning the public to be wary of these scams, which typically promise high returns and are often carried out via bogus online trading platforms. More than £27m was lost to frauds involving so-called crypto-assets and forex investments in 2018-19, said the FCA.

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