Future Of British Business
Crypto Fraud Leaps in UK as Scammers Target Unwary Amateurs
- Value of crypto fraud rose 32% to £226 million over past year
- Scammers going after smaller investors promising big money
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Crypto fraud has jumped by nearly a third in the UK as scammers increasingly target more inexperienced investors.
The value of UK cryptocurrency fraud leaped 32% to £226 million ($273 million) from £171 million in the year ending Sept. 20 2022, according to data from Action Fraud, the UK’s national reporting center for fraud and cyber crime. The number of reported frauds also increased by 16%.