The UK scam watchdog Action Fraud recently issued an urgent warning to British investors based on its findings.
Statistics uncovered by the organisation showed that more than £146 million has so far been lost by Britons to cryptocurrency scams during 2021. This figure represents close to 30 per cent of the total money lost in financial scams during the past year.
Action Fraud commented that so far in 2021, it had received a total of 7,119 reports regarding crypto fraud, while the average loss for victims was more than £20,500. UK consumers keen to sidestep investment scams often look to experts in wealth management in Shropshire, Cheshire and other parts of the country for protections. Professional wealth managers can examine investment opportunities, ensuring their clients are not at risk of fraud.
In direct response to this dramatic rise in crypto-related cases, the watchdog is urging for British investors interested in digital assets to exercise extreme caution regarding advertisements that they encounter online and to think all investment opportunities through extensively before acting.
Temporary Detective for the City of London Police, Craig Mullish, recently issued a warning to crypto buyers and investors, adding:
“Reports of cryptocurrency fraud have increased significantly over the past few years, which is unsurprising given everyone is spending more time online.”
To target uninformed and vulnerable cryptocurrency enthusiasts, scam artists and other fraudsters will typically offer exceptionally high returns on the assets they are offering. Unscrupulous advertisements are often posted on social media platforms and use get-rich-quick schemes as bait for investors hungry to make easy money.