Article: Reflecting crypto craze, crypto-related scams spiral higher in the U.K.

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Reflecting crypto craze, crypto-related scams spiral higher in the U.K.

SOPHIE MELLOR, 06 April 2021

As the value of virtual currencies spirals ever higher, so have the scams related to them.

According to new data from the U.K.’s fraud reporting service Action Fraud, scams involving cryptocurrency investment rose 57% across the U.K. in 2020, with a total of 5,581 reports made.

Investors lost a total of £113 million to crypto scammers in 2020, up from £76.6 million the previous year.

Action Fraud regularly warns people to be wary of unsolicited Bitcoin investment opportunities or “money flipping” services across social media and email.

As cryptocurrencies rise sharply in value, many other U.K. bodies are also urging caution.

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