Cryptocurrency scam losses are rising - fuelled by social media

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The amount of money reported lost to cryptocurrency fraud in 2021 so far is already nearly a third higher than for the whole of 2020, according to police figures. Between April 2020 and March 2021, Action Fraud received 558 investment fraud reports which made reference to a bogus celebrity endorsement – with more than three-quarters of reports mentioning cryptocurrency as the commodity they invested in. We would encourage anyone thinking about making an investment to do their research first Craig Mullish, City of London Police Temporary Detective Chief Inspector Craig Mullish, from City of London Police said: “Reports of cryptocurrency fraud have increased significantly over the past few years, which is unsurprising given everyone is spending more time online… “We would encourage anyone thinking about making an investment to do their research first and to stop and think before making an investment as it could protect you and your money.” Many firms advertising and selling investments in cryptoassets are not authorised by the Financial Conduct Authority.