UK’s Action Fraud Finds 203 Crypto Crimes Worth $2.5M Within Two Months


UK’s Action Fraud Finds Over $2 Million in Losses, Accounting for 203 Instances Of Crypto Fraud

One of the biggest issues that arises with the cryptocurrency and blockchain industry is the potential for theft, as hackers find new ways to infiltrate it. The UK has put together a policing task force to help discover these schemes to investigate Action Fraud, leading them to find 203 instances of fraud and/or theft, based on the announcement released on August 10th.

The announcement reveals that in June and July alone, there was a loss of £2,059,501.29, which comes out to an average of around £10,000 per person. One of the biggest causes of these loss has to do with victims following investments that promise fast returns, but they warn readers to avoid these types of investments in the future.

One of the big questions posed in this report is: “How is this happening?” According to Action Fraud, they say:

“Fraudsters will convince victims to sign up to cryptocurrency investment websites and to part with their personal details such as credit card details and driving licenses to open a trading account. The victim will then make an initial minimum deposit, after which the fraudster will call them to persuade them to invest again in order to achieve a greater profit.”

Now, luckily, there are many victims that notice when this takes place, but the scammers usually managed to deactivate the website so there is no recourse and no way to reach the cyber criminals.

Much of the lure comes from the safety of being on a social network, which is usually a place that the victim has come to know and trust. Once the user agrees to make the minimum deposit, the company requests additional funds. This request is often enough for the user to realize that they are being scammed, but it is not clear on every instance.

The director of Action Fraud believes that the best offense is to be informed about the companies that the investor wants to get involved in. He said:

“The statistics show that opportunistic fraudsters are taking advantage of this market, offering investments in cryptocurrencies and using every trick in the book to defraud unsuspecting victims.”

With cryptocurrency gaining more publicity lately, scammers have a greater opportunity to sink their teeth into hundreds or millions of victims. The police department locally even had to initiate a crash course on the industry to understand what they need to investigate, in the event that a theft takes place. Presently, there is not any other police force that offers this program, which was created by the City of London Police’s Economic Crime Academy (ECA). They collaborated with members of the London Police’s Economic Crime Directorate.

For anyone that believes that they have been attacked and scammed by any fraud within the UK with cryptocurrency, Action Fraud urges them to get in touch. Action Fraud can be reached by calling 0300 123 2040, and they are available 24/7.

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