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£27m lost to cryptocurrency scams in UK


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"The Financial Conduct Authority (FCA) and Action Fraud have issued new warnings following an uptick in cryptocurrency and foreign exchange-related fraud.

"According to the FCA, cryptocurrency and forex trading scams more than tripled in 2018/19, with victims losing more than £27 million, on average £14,600 each. The number of scams reported rose from 530 a year earlier to 1,834."

At the Money Observer: https://www.moneyobserver.com/news/cryptocurrency-scams-are-rise-three-ways-to-avoid-being-duped

“Don’t be lured in by an impressive-looking website or any celebrity endorsements, and if your friend recommends something to you, don’t assume that they’ve done all the research for you. You can check on the regulator’s register to see if the company is legitimate.”

At Moneywise: https://www.moneywise.co.uk/news/2019-05-21/victims-lose-14600-to-cryptocurrency-scams-amid-warnings-about-fake-celebrity

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Honestly, if you're dealing with cryptocurrency and you aren't intelligent enough to validate your sources beforehand then you really shouldn't be dealing with cryptocurrency in the first place. :huh:

Validating your sources is at the top of the list of things you absolutely have to do and only takes a few moments. Don't delve blindly into things you don't understand and you'll have less chance of losing your precious money. ^_^

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