UK Crypto Scams Increase by 32% in a Year

UK Crypto Scams Increase by 32% in a Year

Crypto frauds in the UK have jumped. The period between October 2021 and September 2022 have accounted for more than £226 million in direct losses, a sum very greatly over what was revealed in the period before this one. Reported offences reach above 10 000, experiencing a 16 percent increase. In just a year the value of crypto losses has increased by 32%. The data comes from the UK Police Action Fraud, as reported by the Financial Times.

Global geopolitical issues and the looming recession, especially the one in the UK, are pushing people to look for backup plans as to their financial planning. This desperation is a gold mine for fraudsters.

The UK Finance data reports that crypto related scams had increased greatly during the hard hitting COVID-19 epidemic, where many activities became internalized to the internet, and thus more easily exploitable by scammers. Online fraud, reportedly, increased by 8% to £1.3 billion in 2021 mainly due to crypto schemes.

The FCA collected significant data that confirms this data. It had opened more than 400 individual cases against scammers or potential ones, all crypto related, between April 1, 2021 and March 31 of the current year.

The FCA and its international contemporaries are continuing the good fight against scammers and fraudsters worldwide alongside local authorities. But swindles are on the rise, and as such, authorities have to constantly adapt to rising challenges.

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