RATE Group | Summer’s Cryptocurrency Fraud Costs £2 Million in Losses
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Summer’s Cryptocurrency Fraud Costs £2 Million in Losses

16 Aug Summer’s Cryptocurrency Fraud Costs £2 Million in Losses

Posted at 18:38h in Cryptocurrency News by

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UK Cryptocurrency

The UK’s national policing lead for fraud has revealed figures wherein victims have reported 203 instances of cryptocurrency fraud totaling a little over £2 million ($2.54 million) in losses.

In an announcement published this on August 10, Action Fraud – the UK’s national fraud and cybercrime reporting center – warned the public of fraudsters pushing ‘get rich quick’ investment schemes related to mining and trading in cryptocurrencies.

Scammers are targeting victims via social media platforms and even cold calling with the lure of heightened rewards, the authority said. Victims are then persuaded into opening a trading account at these ‘cryptocurrency investment websites’ by revealing their personal information including their credit card details.

After an initial minimum deposit into the trading account, victims are advised to ‘invest’ further for additional profits. In some cases, victims who realize they’ve been duped are out of luck since they…

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