Crypto Scams on the Rise in UK
 Crypto Scams on the Rise in UK

Crypto Scams on the Rise in UK

Crypto Scams on the Rise in UK

Crypto currency scams are using images of celebrities and upmarket London addresses to hoodwink consumers into parting with cash, Britain’s Financial Conduct Authority said on Friday, Reuters reported. Crypto currencies such as bitcoin and ether are not regulated in Britain, and the FCA said it has received a rising number of reports about investment scams that claim to offer high returns. “UK consumers are being increasingly targeted by crypto currency-related investment scams,” the FCA said in a statement. “Crypto currency fraudsters tend to advertise on social media, often using the images of celebrities or well-known individuals to promote crypto currency investments.” The ads link to websites for investments either using crypto currencies or traditional cash. “The firms operating the scams are usually based outside of the UK but will claim to have a UK presence, often a prestigious City of London address,” the FCA said. Given that crypto currencies are not regulated, consumers are unlikely to get their money back, and are not protected by the Financial Services Compensation Scheme, the watchdog said.

Short URL : https://goo.gl/Y5Z9ZP
  1. https://goo.gl/HgjqGo
  • https://goo.gl/FLB4aV
  • https://goo.gl/7X2sWu
  • https://goo.gl/9mJtPc
  • https://goo.gl/7MBm96

You can also read ...

Business confidence fell to its lowest level since August 2013 and around 7% of companies expected a contraction.
According to data from the International Monetary Fund in...
China Warned of Ballooning SOEs
Former chief of the World Bank Robert Zoellick cautioned China...
Shrinking unemployment in the US, Japan and the eurozone finally forces companies  to lift wages to retain and attract staff.
Workers in the world's richest countries are getting their...
New Zealand Q2 GDP Growth Picking Up
New Zealand’s economic growth is expected to have accelerated...
Saudi Sovereign Fund Secures $11 Billion Loan
Saudi Arabia's sovereign wealth fund said Monday it had...
Lira Eases Against Dollar
Turkey’s lira weakened against the dollar on Monday as...
By 2025 more than half of all current workplace tasks  will be performed by machines.
Robots will handle 52% of current work tasks by 2025, almost...
Myanmar Businesses Want Lower Taxes
Myanmar businesses are urging the government to lower the...

Add new comment

Read our comment policy before posting your viewpoints