According to FCA’s report, brits lost approximately £27 million ($34.4 million) to foreign Exchange and cryptocurrency-related scams in the 2018/2019. Authorities received 1,834 scam reports last year, but the FCA did not reveal what the makeup of those scams was. The FCA said that the average scam victim lost approximately £14,600 ($18,600).
Most of the scams worked by attracting customers through social media sites, the financial watchdog added. This posting on Instagram or Twitter will encourage people to get rich quick by trading through their affiliate sites.
This scammers can be very convincing. You should always do your own research into any firmy ou are cindifering investing with.
The British regulator is going to launch new campaign ScamSmart to prevent fraudulent activity. This compaign will takes place on different social media platforms and in conjunction with Action Fraud. Action Fraud is a division of the UK’s police force working on tackling fraud.