According to NordVPN, crypto criminals have seen their profits almost double over the last year to £226 million between them. Fraudsters are capitalising on the growing excitement around cryptocurrency, by asking people to move money and offering fake investments.
In 2022, these criminals have already taken £118 million from vulnerable victims, pocketing an average of £36,250 per fraud.
Marijus Briedis, chief technology officer and digital privacy expert at NordVPN commented on the rise in crytocurrency fraud.
He said: “With inflation skyrocketing and traditional savings rates failing to keep up, bogus crypto investment schemes offering the prospect for high returns are the perfect bait for scammers.
“These frauds are thriving, despite the huge crash in Bitcoin and other currencies.
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“Worryingly the clear rise in the amounts stolen per fraud shows the scammers are getting better at fleecing their victims.”
To help stop people falling victims to these scams, HSBC have issued guidance on what to look out for before investing in any cryptocurrency.
Before making any investment, people should always research the company and check they’re regulated by the Financial Conduct Authority (FCA).
On their website, they explain that to stay safe, Britons need to stay in control.
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