Highlights

Good Articles to Share

Author: Tan KW   |   Latest post: Thu, 9 Jul 2020, 7:04 PM

 

UK watchdog says currency and crypto scams hit 27 million pounds

Author:   |    Publish date:


LONDON: Scams in Britain involving currencies and crypto assets like bitcoin totalled 27 million pounds (US$34.38 million) in the last financial year, with average losses of 14,600 pounds per victim, the Financial Conduct Authority (FCA) said on Tuesday.
 
Reports of scams more than tripled in the year that ended in April to 1,800 as fraudsters often used social media to promote their "get rich quick" online trading platforms, according to an FCA statement.
 
"Investors will often be led to believe that their first investment has successfully made a profit," it said.
 
The fraudster then contacts the victim to invest more money with a false promise of greater profits. The customer account is later closed and the scammer disappears, the FCA said.
 
The FCA said it would run advertising to raise awareness of online trading scams.
 
"We're warning the public to be suspicious of adverts which promise high returns from online trading platforms," said Mark Steward, the FCA's executive director of enforcement and market oversight.
 
 - Reuters 
Share this

  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Perform Technical & Fundamental Analysis on Stocks
MQ Affiliate
Earn rewards by referring your friends
 
 

454  479  533  468 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 PDZ 0.19-0.015 
 FINTEC 0.10+0.01 
 VC 0.080.00 
 AT 0.095-0.005 
 MQTECH 0.08-0.01 
 DGB 0.050.00 
 MLAB 0.0550.00 
 AIRASIA 0.75+0.045 
 IRIS 0.275-0.015 
 LUSTER 0.135+0.01 

FEATURED POSTS

1. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!
2. MQ Affiliate – A smarter way to earn more rewards MQ Trader Affiliate Program
3. MQ Affiliate – How to become an effective affiliate MQ Trader Affiliate Program
4. MQ Affiliate – Upgrading to Affiliate Partner MQ Trader Affiliate Program
Partners & Brokers