$225 million lost to scams in the U.K., authorities reported

February 07, 2019
Chris Wheal

According to the British Financial Conduct Authority (FCA), at least $225 million were lost to crypto scams in 2018. On average, each victim lost around $37,000. Most of the scams were connected with investments in bonds, shares, forex as well as digital assets. There were 4,996 cases reported, making up 85% of all the scams.

crypto scam

The authority notes that scams are changing tactics now, and before reaching out to potential investors they can build up all of the web presentation that will even look “legitimate,” including website, social media, and even feedbacks. More and more often scammers use social media platforms to facilitate the contact, FCA notes.

Additionally to cryptocurrencies, a lot of scams have been reported in bonds and shares. According to FCA, there were 4,996 cases reported in cryptocurrency fraud, making up to 85% of all scams altogether.

While $225 million is certainly a lot, U.S. scored $1 billion in crypto thefts and scams in 2018.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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