Law enforcement officials have reported that an individual in their 60s fell victim to a cryptocurrency scam, losing £150,000.
Gloucestershire Police have once again emphasized the risks associated with these types of crimes.
On Thursday, employees at a Cheltenham bank alerted the authorities when a customer sought to transfer a substantial sum of money to what appeared to be a fraudulent account. It was subsequently revealed that multiple transactions had taken place, with the individual under the impression they were engaging in cryptocurrency investments.
These transactions accumulated to a total exceeding £150,000 and spanned over several months.
Law enforcement has cautioned the public to maintain vigilance when considering investment opportunities and highlighted the potential for individuals to be enticed by scams through social media posts and online advertisements.
In this particular case, the perpetrators employed WhatsApp as their communication channel with the victim.
Action Fraud has observed that with the increasing number of individuals investing in cryptocurrencies, criminals are exploiting this trend to perpetrate fraudulent activities.
Cryptocurrency is a form of digital or virtual currency created to serve as a means of exchange.
According to Action Fraud, the surge in cryptocurrency investments by the public has provided criminals with an opportunity to engage in fraudulent activities.
These criminals promote schemes that, in certain instances, guarantee significant returns via cryptocurrency investments or mining.
Action Fraud advises the public to exercise caution when encountering advertisements that make extravagant promises regarding investment returns. It further cautions against rushing into investments and emphasizes the importance of not presuming the legitimacy of a trade, even if a company presents a professional image.
Furthermore, individuals are encouraged to verify that they are dealing with an authorized entity by checking the Financial Conduct Authority (FCA) Register.
