The UK’s Financial Conduct Authority found that the number of crypto and forex fraud claims tripled in the last year from 530 to 1,834; average losses saw a drop from £59,600 to £14,600 and total losses fell from about £38m to £27m; Pauline Smith, Action Fraud director, said to the FT: “These figures are startling and provide a stark warning that people need to be wary of fake investments on online trading platforms; the most popular way fraudsters scammed people was through the use of social media and the appearance of celebrity endorsements; the government is working to crack down on these scams and encourages the public to be wary of investments promising high guaranteed returns. Source.
