Crypto Fraud Leaps in UK as Scammers Target Unwary Amateurs

Crypto fraud has jumped by nearly a third in the UK as scammers increasingly target more inexperienced investors.

The value of UK cryptocurrency fraud leaped 32% to £226 million ($273 million) from £171 million in the year ending Sept. 20 2022, according to data from Action Fraud, the UK’s national reporting center for fraud and cyber crime. The number of reported frauds also increased by 16%.

“Whenever times are tough, fraudsters always seek to prey on less experienced investors by promising huge returns,” Hinesh Shah, a financial crime investigator at law firm Pinsent Masons, said in a statement. “Scams involving ...