Live
- DCA busts three quack clinics in Hyd, Jangaon and Mahabubnagar
- Man threatens to jump into lake if he doesn’t get divorced from his wife
- Vikram’s ‘Veera Dheera Sooran’ teaser: Laden with mass elements
- Tamil Nadu records 40.05 pc voting till 1 pm
- Sithara Entertainments announces ‘MAD Square;’ pooja ceremony held
- Google Unifies Hardware and Software Teams for Advanced AI Development
- Amit Shah Recalls Political Journey As He Files Nomination From Gandhinagar
- Political Furor Erupts Over Tragic Campus Murder In Karnataka
- Liver diseases in kids up due to junk food, sugar consumption
- Air India Suspends Tel Aviv Flights Amidst Middle East Tensions
UK watchdog says currency and crypto scams hit 27 million pounds
Reports of scams more than tripled in the year that ended in April to 1,800.
Scams in Britain involving currencies and crypto assets like bitcoin totalled 27 million pounds (USD 34.38 million) in the last financial year, with average losses of 14,600 pounds per victim, the Financial Conduct Authority (FCA) said on Tuesday.
Reports of scams more than tripled in the year that ended in April to 1,800 as fraudsters often used social media to promote their "get rich quick" online trading platforms, according to an FCA statement.
"Investors will often be led to believe that their first investment has successfully made a profit," it said.
The fraudster then contacts the victim to invest more money with a false promise of greater profits. The customer account is later closed and the scammer disappears, the FCA said.
The FCA said it would run advertising to raise awareness of online trading scams.
"We're warning the public to be suspicious of adverts which promise high returns from online trading platforms," said Mark Steward, the FCA's executive director of enforcement and market oversight.
