New figures show that the current value of cryptocurrency fraud reported in the UK has jumped by a significant 32 per cent. As a result, in just one year, it has rocketed from £171 million to around £226 million. Furthermore, statistics indicate that number of fraud reports made has also risen to 10,030 from last year’s 8,676, marking a 16 per cent increase.
Experts have weighed in, stating that despite the drop in crypto prices, the digital asset’s association with massive windfalls continue to attract UK investors who don’t have the necessary experience and skills to determine whether a cryptocurrency investment scheme is fraudulent or authentic.
While the value of crypto assets has this year plummeted, unseasoned investors can still be tempted in by the possibilities of large profits like those made by cryptocurrency investors in the boom period. Additionally, there is a concern that many scammers proactively target such inexperienced investors.
Cryptocurrency fraud has become a significant issue here in the UK, with many ill-informed consumers losing tens to hundreds of thousands of pounds of their hard-earned money. Before putting their savings into an investment scheme, prudent people first take financial advice in Shropshire, Hampshire and other affluent counties.
While known for assisting with portfolio management and estate and retirement planning, wealth management firms also offer protection services. Along with putting policies in place for the future, they can also advise their clients on whether an investment opportunity is legitimate or a scam.
