Cryptocurrency fraud has led to a total of £2m worth of losses this summer, according to latest figures published by Action Fraud.

In June and July, victims reported losing £2,059,501.29 to cryptocurrency scams – an average of £10,095.59 per person.

According to Action Fraud, fraudsters are cold calling victims and using social media platforms to advertise ‘get rich quick’ investments in mining and trading in cryptocurrencies.

“Fraudsters will convince victims to sign up to cryptocurrency investment websites and to part with their personal details such as credit card details and driving licences to open a trading account. The victim will then make an initial minimum deposit, after which the fraudster will call them to persuade them to invest again in order to achieve a greater profit.

“In some cases, victims have realised that they have been defrauded, but only after the website has been deactivated and the suspects can no longer be contacted.”

Action Fraud director Pauline Smith said: “It’s vital for anyone who invests or is thinking of investing in cryptocurrencies to thoroughly research the company they are choosing to invest with.

“The statistics show that opportunisstic fraudsters are taking advantage of this market, offering investments in cryptocurrencies and using every trick in the book to defraud unsuspecting victims.”

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