UK cryptocurrency scams jump 23%, young investors prime targets: Lloyds Bank
According to the bank, potential cryptocurrency investors usually make an average of three payments before recognizing they’ve fallen victim to a scam. One of the Big Four banks in the U.K., Lloyds Bank, has said that reports of cryptocurrency investment scams by victims have surged by 23% in the current year compared to the same period in 2022. According to a press release published by Lloyds Bank, an increasing number of investors face the threat of falling victim to fraudulent schemes through a wave of fake adverts posted on social media. Each victim of a crypto currency investment scam is losing an average of $13,115 (£10,741), an increase from $8,562 (£7,010) the previous year. This surpasses losses from other consumer frauds like romance scams or purchase scams . Screenshot of the report from Lloyds Bank Source: Lloyds Bank According to the report, individuals aged 25 to 34 constitute a quarter of all crypto scam victims, making it the most prevalent age group a...