United Kingdom Reports Crypto Scam Losses Worth $2.5 Million USD This Summer Already

The British Police has recently divulged an information that scams related to the cryptocurrency market have made 2 million GBP ($2.55 million USD) worth of losses in this summer. The information was made together with a public announcement that fraudulent schemes with crypto are very common and investors should be cautious.

The statistics come from the Action Fraud national reporting center for fraud and cyber crime. The average loss per investor was roughly 10,000 GBP ($12,700 USD).

According to the director of Action Fraud, Paul Smith, it is very important that any person who is thinking of investing in cryptos make a proper research about the company in which this person intends to invest.

He states that most scammers take advantage of people in this market and that they use many tricks to fool unsuspecting victims. Because of this, proper research and being well-informed is important to avoid traps.

“Get Rich Quick”

Unsurprisingly, the way that scammers lure more people is by promising that they will “get rich quick”. Bitcoin and cryptocurrencies have become strong buzzwords since last year and, as not a lot of people know them very well, they end up falling for the scams like crypto mining and trading that are not actually real.

Generally, people have to provide personal data like the credit card details to open a trading account. As soon as they make the initial deposit, which is generally not very big, they are often persuaded to make more investors to get more profit. After that, they steal the money and sometimes the information from the victims.

London Police On The Offensive

As a way to train police officers to help people in this situation, the City of London Police’s Economic Crime Academy (ECA) has developed a short one-day course: Cryptocurrencies for Investigators. This way, the officers are trained to recognize cryptocurrencies and understand them for when they have to investigate cases related to them.

The Financial Conduct Authority (FCA), has recently issued two warnings of “clone” companies in the UK which are unauthorized. The first company is called Fair Oaks Crypto and claims to represent Fair Oaks Capital Ltd. The other one is Good Crypto, which has been telling that it was a part of Arup Corporate Finance. The authorities are investigating these companies.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,471FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Kraken Exchange Onboards Swiss Bank InCore to Help Euro Clients Buy Crypto With Fiat

Swiss Bank InCore has just become the first banking institution in the nation to provide banking services to Kraken crypto exchange. The deal, which was...

Bank Of Japan (BoJ) Launches ‘Technical' Study to Experimenting CBDCs

The race to launch a sovereign digital currency is heating up as Japan became the latest country to venture into a central bank digital...

This Top Coin, Being the Worst Performer of 2020, Is A Disappointment to the Crypto Market

The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in green by 1.66%, like the majority of the market. With 8.61% losses In...

Cryptocurrency Payment Processor BitPay Finally Announces Support for SegWit

Bitpay, the crypto payment processing giant, has finally integrated the segregated witness (SegWit) protocol, a second layer scalable solution to make bitcoin processing cheaper....

Crypto Hardware Wallet Ledger: ‘Funds are Safe' After ‘BigSpender' Vulnerability Found

A vulnerability was recently discovered by ZenGo in popular cryptocurrency wallets Ledger, Edge, and BRD. Named BigSpender, the vulnerability could lead to a double-spend...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today