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FCA warning: crypto and foreign exchange frauds triple

The FCA has issued a warning that crypto and forex scams have tripled in a year, and that investors need to guard against scams using bogus online trading platforms.


 

Sarah Coles, personal finance analyst at Hargreaves Lansdown commented:

“The only people to ‘get rich quick’ from these kinds of schemes are the scammers themselves.

“Crypto scams are flooding the internet – complete with fake celebrity endorsements and promises of an overnight luxury lifestyle. Unfortunately, the 1,800 people who reported succumbing to these online trading scams lost an average of £14,600 each last year.

“If a company approaches you out of the blue, through social media or on the phone, it pays to start with scepticism – even if a trusted face seems to be fronting it. Check the firm is registered with the FCA, and use the contact details on the register to get in touch – just in case scammers are impersonating a reputable brand.

The simplest way to stay safe is to bear in mind that if anyone is offering incredible overnight returns without risk, it’s a scam.”

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