Urgent warning as cryptocurrency scams on the rise - what you need to know

By Louise Hollingsworth
Published 20th Jun 2023, 10:26 BST
Updated 20th Jun 2023, 10:26 BST
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North Yorkshire Police have issued a warning as they have noticed an increase in cryptocurrency scams.

Cryptocurrency is a digital asset that you can trade or exchange online.

It's grown in popularity in recent years, with some investors seeing high returns but cryptocurrency is high risk, very volatile and not regulated, so there's no protection for investors if things go wrong.

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This scam will try to see you invest in cryprocurrency but North Yorkshire Police have issued some tips to remember.

Over recent months, North Yorkshire Police have seen an increase in cryptocurrency scams.Over recent months, North Yorkshire Police have seen an increase in cryptocurrency scams.
Over recent months, North Yorkshire Police have seen an increase in cryptocurrency scams.

Fraudsters will contact you by phone or on social media platforms and will advertise investments that don’t really exist or have falsely high returns.

They will convince you to sign up with a cryptocurrency provider with your identity documents to open a trading account or online wallet.

The fraudsters set up fake but realistic-looking websites and portfolios and will ask you to share access to your account and to download remote access software.

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North Yorkshire Police have issued this advice if you think you’ve been targeted.

Check how it works - it may differ from a traditional investment and stay in control by never letting anyone set up a cryptocurrency wallet, upload ID documents or manage investments for you

Don't share access, fraudsters may ask you to download software so they can access your devices and move money without your knowledge

You may be asked to move money and asked to mislead your bank about the reason for making the payment. Fraudsters know these payments may attract more scrutiny and will try to avoid it.

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Fraudsters may impersonate famous personalities on social media or messaging groups, to make their offer look legitimate.

High value cases even give a return in the short term, to convince you to invest more. Then, after larger payments are sent, you suffer even greater losses.

Check out any organisation on the Financial Conduct Authority's register , which you can find here.

If something sounds too good to be true, it usually is.

If you think you may have fallen victim to a scam, contact your bank immediately and report it to the police on 101.