Cryptocurrencies like bitcoin have grown from relative obscurity to a multi-trillion dollar market. That’s why scammers have been looking for ways to take advantage and capitalise on them. They may do this by getting you to move money to a crypto asset account, or by offering fake investments that don’t really exist or aren’t worth the money.
Fraudsters will try to rush you, but take your time. If it feels wrong or too good to be true, it often is.
What is cryptocurrency?
Cryptocurrency is a digital asset that can be traded or exchanged online to buy from people or companies who accept this form of payment.
If you want to trade professionally and have access to trading tools, you’ll need to use an exchange that requires you to verify your ID and open an account or ‘wallet’
What to watch out for
If someone wants you to move money for an investment, but asks you to give your bank a different reason to ensure a ‘smoother’ transaction, don’t. Fraudsters know payments for investments may attract more scrutiny and will try to avoid it.
Fraudsters may also ask you to download software in order to access your devices and move money without your knowledge.
Fraudsters may impersonate famous people on social media or messaging groups, to make their offer look real and more appealing.
The most high value cases even give a return in the short term, to convince victims to invest more. Then, after they send larger payments, they suffer even greater losses.
Top tips to keep your money safe
Before making any investment, always research the company and check they’re regulated by the Financial Conduct Authority (FCA). If they aren’t, you won’t have any protection should things go wrong.
Never allow anyone to set up a cryptocurrency wallet, upload ID documents or manage investments for you.
Please report any suspicious activity. It builds awareness of fraud and helps everybody.
Never download software from an unconfirmed source. It could be used to steal your personal details and take control of your bank accounts.
If in doubt, do some research, using well-known, reputable sources before you do a
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When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
You mean the Nigerian prince I sent my money too won’t double it?