- Over £27million ($34.4mn) lost to scams involving crypto and forex investments in 2018/19
- Victims lost on average over £14,600 last financial year
- Reports tripled to over 1,800 from the year before
The Financial Conduct Authority (FCA) and Action Fraud are warning the public to be wary of investment scams carried out via bogus online trading platforms. This warning comes as cryptoassests (crypto) and forex investment scams reports more than tripled last year to over 1,800. Fraudsters promise high returns from investments in crypto and forex, with victims losing over £27 million in total in 2018/19.
Director of Action Fraud, Pauline Smith, said in a statement: “These figures are startling and provide a stark warning that people need to be wary of fake investments on online trading platforms. It’s vital that people carry out the necessary checks to ensure that an investment they’re considering is legitimate.”
Mark Steward, executive director of Enforcement and Market Oversight at the FCA, said in a statement: ‘We’re warning the public to be suspicious of adverts which promise high returns from online trading platforms.”