{"id":84158,"date":"2023-11-13T21:09:07","date_gmt":"2023-11-14T02:09:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/uk-sees-23-increase-in-cryptocurrency-scam-reports\/"},"modified":"2023-11-13T21:09:09","modified_gmt":"2023-11-14T02:09:09","slug":"uk-sees-23-increase-in-cryptocurrency-scam-reports","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84158","title":{"rendered":"UK Sees 23% Increase in Cryptocurrency Scam Reports"},"content":{"rendered":"<div>\n<figure id=\"attachment_129543\" aria-describedby=\"caption-attachment-129543\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-129543\" class=\"wp-caption-text\">Source: AdobeStock \/ JeromeMaurice<\/figcaption><\/figure>\n<p>Lloyds Bank, a big four bank in the United Kingdom, reports that crypto scams have risen 23% compared to the same period last year.<\/p>\n<p>The firm warned that fraudsters are targeting young people over social media, with victims losing an average of \u00a310,741 ($13,183.72) per scam. That dwarfs romance scams, purchase scams, or any other type of consumer fraud.<\/p>\n<p>\u201cRemarkably, the analysis found that 66% of all investment scams start on social media \u2013 with Instagram and Facebook the most common sources,\u201d wrote the bank in a recent press release. Sources for such scams range from fake ads and celebrity endorsements to direct messages.<\/p>\n<p>According to Lloyd, scammers are evolving their tactics to target 25 to 34-year-olds with get-rich-quick schemes, which are especially attractive to younger audiences. This cohort comprises a quarter of all crypto scam cases.<\/p>\n<p>Such scams are also hard to identify while they\u2019re happening, with the average victim making three payments and waiting 100 days since their first transaction before reporting them to their bank. Stolen money is usually far too difficult to reclaim at this point.<\/p>\n<p>Lloyd\u2019s highlighted two main forms of crypto investment scams. First is \u201cthe illusion\u201d whereby a scammer poses as an investment manager, promising to make investments using the victim\u2019s money to generate profits on their behalf.<\/p>\n<p>Some illusion scams may show victims a fake investment account displaying growing profits after they make their first payment, incenting them to send the scammer more money.<\/p>\n<p>The second scam type of scam is \u201cthe takeover\u201d \u2013 when scammers fool victims into creating crypto accounts on a trading platform (Coinbase, Binance, etc) and handing over their login credentials. Alternatively, victims may be fooled into forfeiting control of their personal crypto wallets, or sending the scammer crypto directly.<\/p>\n<p>In a statement, Liz Ziegler \u2013 Fraud Prevention Director at Lloyds Bank \u2013 wrote:<\/p>\n<blockquote>\n<p>\u201cCrypto is a highly risky asset class and remains largely unregulated, which makes it an attractive area for fraudsters to exploit. If something goes wrong, you\u2019re unlikely to get your money back.\u201d<\/p>\n<\/blockquote>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/lloyds-bank-uk-sees-23-increase-in-cryptocurrency-scam-reports.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ JeromeMaurice Lloyds Bank, a big four bank in the United Kingdom, reports that crypto scams have risen 23% compared to the same period last year. The firm warned that fraudsters are targeting young people over social media, with victims losing an average of \u00a310,741 ($13,183.72) per scam. That dwarfs romance scams, purchase [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-84158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK Sees 23% Increase in Cryptocurrency Scam Reports | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock \/ JeromeMaurice Lloyds Bank, a big four bank in the United Kingdom, reports that crypto scams have risen 23% compared to the same\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=84158\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Sees 23% Increase in Cryptocurrency Scam Reports | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Source: AdobeStock \/ JeromeMaurice Lloyds Bank, a big four bank in the United Kingdom, reports that crypto scams have risen 23% compared to the same\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=84158\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-14T02:09:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-14T02:09:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699596004-crypto-scam.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=84158#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=84158\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"UK Sees 23% Increase in Cryptocurrency Scam Reports\",\"datePublished\":\"2023-11-14T02:09:07+00:00\",\"dateModified\":\"2023-11-14T02:09:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=84158\"},\"wordCount\":364,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=84158#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=84158\",\"url\":\"https:\/\/ifintechworld.com\/?p=84158\",\"name\":\"UK Sees 23% Increase in Cryptocurrency Scam Reports | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-11-14T02:09:07+00:00\",\"dateModified\":\"2023-11-14T02:09:09+00:00\",\"description\":\"Source: AdobeStock \/ JeromeMaurice Lloyds Bank, a big four bank in the United Kingdom, reports that crypto scams have risen 23% compared to the same\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=84158#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=84158\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=84158#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UK Sees 23% Increase in Cryptocurrency Scam Reports\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UK Sees 23% Increase in Cryptocurrency Scam Reports | iFintechWorld","description":"Source: AdobeStock \/ JeromeMaurice Lloyds Bank, a big four bank in the United Kingdom, reports that crypto scams have risen 23% compared to the same","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=84158","og_locale":"en_US","og_type":"article","og_title":"UK Sees 23% Increase in Cryptocurrency Scam Reports | iFintechWorld","og_description":"Source: AdobeStock \/ JeromeMaurice Lloyds Bank, a big four bank in the United Kingdom, reports that crypto scams have risen 23% compared to the same","og_url":"https:\/\/ifintechworld.com\/?p=84158","og_site_name":"iFintechWorld","article_published_time":"2023-11-14T02:09:07+00:00","article_modified_time":"2023-11-14T02:09:09+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699596004-crypto-scam.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=84158#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=84158"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"UK Sees 23% Increase in Cryptocurrency Scam Reports","datePublished":"2023-11-14T02:09:07+00:00","dateModified":"2023-11-14T02:09:09+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=84158"},"wordCount":364,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=84158#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=84158","url":"https:\/\/ifintechworld.com\/?p=84158","name":"UK Sees 23% Increase in Cryptocurrency Scam Reports | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-11-14T02:09:07+00:00","dateModified":"2023-11-14T02:09:09+00:00","description":"Source: AdobeStock \/ JeromeMaurice Lloyds Bank, a big four bank in the United Kingdom, reports that crypto scams have risen 23% compared to the same","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=84158#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=84158"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=84158#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"UK Sees 23% Increase in Cryptocurrency Scam Reports"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/84158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=84158"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/84158\/revisions"}],"predecessor-version":[{"id":84160,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/84158\/revisions\/84160"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/84159"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=84158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=84158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=84158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}