Beware of swindlers in crypto

Beware of swindlers in crypto

Like everyone else, fraudsters are up to their tasks to gain via crypto currency. Knowing very well that crypto currency is now about to take control of the divergent market, fraudsters have taken it to the social media platforms and in a special way advertise “get rich quick” investments in mining and trading in crypto currency.

Fraudsters are now keen on the wider market that crypto is yet to cover. The loop hole being that a greater percentage of the market is not well conversant with technology. They are now round the clock trying to meet their ends in the name of crypto. The latest statistics from action fraud shows that in June and July, victims reported loosing £ 2,059501.29 to crypto currency scams an average of £ 10,095.59 per head, let alone those who did not know that they had been victimized.

Woe unto those who have not signed up to crypto currency because the swindlers convince victims to sign up to crypto currency investment website, knowledgably convince them to disclose part of their personal details such as credit card details and driving licenses to open a trading account. Once one has done that, the fraudsters further convince the victims to make a minimum deposit in the name of activating the accounts and as if that is not enough, they can later call to persuade one to make other deposits. They do this just to increase their profit margins. Sooner or later victims remain gasping with all the accounts empty and links to the fraudster cut.

“With the popularity rise of crypto currency, fraudsters have their eye brows on. They will convince the victim that they have an inside knowledge about price movements they will use to make you a fortune. Tempted to invest, your money will instantly disappear,” Ms Rickard said.

Not long the Australian watchdog urged investors to be wary of fraudulent schemes, also warned Australians to clear claims such as ‘risk-free-investment’, ‘low high return’ or ‘get rich quick’. This came after a report that scams had grown significantly over a 12 month period and were then the second most-common kind of investment scam in the county.

Not turning a blind eye on this matter is the city of London Police’s Economic Crime Academy (ECA). Working hand in hand with crypto currency, its officers are to attend one day training in efforts to equip them with skills and knowledge to manage crypto currencies in their investigation.