Over $34Mln Lost To Cryptocurrency, Forex Investment Scams Last Year In UK - Watchdog

People in the United Kingdom collectively lost more than 27 million pounds ($34.3 million) in the foreign exchange market investment and from cryptocurrency scams in the last financial year, the UK Action Fraud national reporting center for fraud and cybercrime said on Tuesday in a statement

MOSCOW (UrduPoint News / Sputnik - 21st May, 2019) People in the United Kingdom collectively lost more than 27 million Pounds ($34.3 million) in the foreign exchange market investment and from cryptocurrency scams in the last financial year, the UK Action Fraud national reporting center for fraud and cybercrime said on Tuesday in a statement.

"The Financial Conduct Authority (FCA) and Action Fraud are warning the public to be wary of investment scams carried out via bogus online trading platforms ... Fraudsters promise high returns from investments in crypto and forex, with victims losing over 27 million in total in 2018/19," the statement said.

Moreover, the number of scam reports more than tripled to over 1,800 over the given period, according to Action Fraud, which is run by the City of London Police.

The statement added that each victim lost some 14,600 pounds per case on average.