FCA: FX and Bitcoin frauds are growing

The Financial Conduct Authority (FCA) has released statistics that the British have lost a total of 27 million pounds ($ 34.4 million) in the period 2018 - early 2019 from fraudulent FX and crypto schemes.

According to the British regulator, the authorities received a total of 1,834 fraud complaints for the past year. That's four times more than 2017.

However, FCA has not revealed what the "cover" of these fraudulent schemes was, and this missing information is key.

In its annual report released earlier this month, the Autorite des marches financiers (AMF) have announced that fraudsters have changed tactics and preferred asset classes to capture their victims.

The French regulator emphasized that the Cripp fraud was launched in 2018 at unprecedented levels. FX scams, however, began to decrease against the background of the crypto schemes. According to FCA, on average, one victim was offended by $ 18,600.

Financial regulator says most fraud works by attracting customers through social networks. Seeing as millionaires, installing stars or using Twitter hacks, the victims are easily manipulated to get rich quick, wasting their money.

To combat fraud, FCA launches a ScamSmart campaign. The campaign will go through various social platforms in collaboration with Action Fraud - a division of police forces to combat cyber fraud.

Source: Finance Magnates

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