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The UK FCA is drawing attention when it reported that the damages of cryptocurrency and foreign exchange-related fraud in the UK amounted to $34 million between 2018 and 2019. Of course, the amount of damage itself decreased, but the number of damages increased significantly.
According to data obtained from the FCA’s national fraud and cybercrime reporting centers, the total amount of losses decreased by $14 million from the previous year. Personal losses also decreased from $76,000 a year to $18,500. However, the number of damages increased by 81% to 1,834. FCA urged attention to always check whether the transaction is real even when investing, as fraudulent cases are often convincing.
The FCA said the fraudulent groups are using social media to find investors. It is explained that there are many cases of using luxury photos such as celebrities, cars, and watches. In July of last year, Tis Group, which conducts ICO consulting, announced that more than 80% of ICOs in 2017 were found to be fraudulent. Related information can be found here .
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