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FILE PHOTO: A coin in Bitcoin (virtual currency) is seen on an illustration photo taken at the Maison du Bitcoin in Paris, on June 23, 2017. REUTERS / Benoit Tessier / Illustration / File Photo
LONDON (Reuters) – In the past year, currency scams and cryptographic assets such as bitcoin totaled 27 million pounds ($ 34.38 million), with an average loss of 14,600 pounds per victim. announced Tuesday the Financial Conduct Authority (FCA).
According to a statement from the FCA, fraudsters have often used social media to promote their online trading platforms "Becoming Fast," more than tripled over the past year in April.
"Investors will often have to believe that their first investment has made a profit," he said.
The fraudster then contacts the victim to invest more with a false promise of greater profits. The customer account is then closed and the scammer disappears, said the FCA.
FCA has announced that it will be advertising to raise awareness of online trading scams.
"We invite the public to be wary of advertisements that promise high returns for online trading platforms," said Mark Steward, CFA's executive director for market implementation and monitoring.
Report by Huw Jones; Edited by Mark Heinrich
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