CHECKACO NEWS: Crypto currency fraud is on the rise and it’s mainly the young who lose out to the tune of £20,000 a time

Image from Action Fraud

Action Fraud – the UK’s police unit dedicated to catching fraudsters – said that last year around £150 million was stolen by criminals from the general public. The crime fighting organisation said: “Since the start of 2021, Action Fraud has received 7,118 reports of cryptocurrency fraud, with an average loss per victim of just over £20,500. 18 to 25 year olds accounted for the highest percentage of reports (11 per cent) and over half (52 per cent) of victims were aged 18 to 45 years old.

They said a common tactic was to put fake of celebrity endorsements online. A link to the article takes the potential victims to an investment site where they are encouraged to invest in crypto currencies with promises of huge returns. Most firms selling investments in cryptoassets are not authorised by the Financial Conduct Authorotiy (FCA) which means you have no protection when things go wrong. So always check the FCA Register to make sure you’re dealing with an authorised firm and check the FCA Warning List of firms to avoid.

If you think you’ve been a victim of an investment fraud, report it to Action Fraud online at or by calling 0300 123 2040. For more information about investment fraud, visit

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