Crypto and Forex Scams Triple in the UK

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.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.