Cryptocurrency Scam Warning: Protect Your Money
The North East Crime Reduction Team are urging the public to be vigilant against rising cryptocurrency investment scams, often exploiting AI and fake celebrity endorsements online. In the last six months, over £1.1 million was lost in Scotland alone, with individuals losing an average of £18,000.
How Scammers Operate
• Online Deception: Scams often start with fake websites or social media adverts featuring known figures like Martin Lewis or Elon Musk, promising high returns on cryptocurrency investments.
• Professional Facade: These adverts link to professional-looking websites designed to persuade you to invest.
• “Financial Advisors”: After you provide your details, you may be contacted by someone posing as a financial advisor who encourages small initial investments.
• False Profits: Victims are shown fake growth in their investment to encourage them to deposit more funds.
• Sudden Cut-Off: When you try to withdraw your money, the scammers cease all contact.
• Recovery Scam: You might then be contacted by another scammer posing as a recovery company, asking for an upfront fee to reclaim your lost funds, only to disappear after payment.
Protect Yourself
• Verify Authority: Always check if the investment firm is regulated by the Financial Conduct Authority (FCA) at register.fca.org.uk/s/. Most crypto investment firms are not FCA authorised.
• Be Suspicious: Be wary of social media adverts or messages promising huge returns for small investments.
• Don’t Trust Unsolicited Contact: Never respond to investment offers from unknown individuals via phone, email, or social media. Never send them money.
• Do Your Research: Thoroughly research any cryptocurrency investment before buying, checking for background, ownership, reports, and reviews of the company.
• Resist Pressure: Don’t be rushed into making investment decisions. Seek advice from trusted individuals or an FCA-accredited financial advisor.
• Never Allow Remote Access: Do not follow instructions from cold callers to download apps or software that would give them remote access to your computer.
Further Information
• FCA advice on cryptocurrency investment scams: www.fca.org.uk/scamsmart/cryptoasset-investment-scams
• FCA Financial Services Register: register.fca.org.uk/s
• Police Scotland advice: www.scotland.police.uk/advice-and-information/internet-safety/cryptocurrency-scams/
• Get Safe Online: www.getsafeonline.org/crypto
Protect yourself and your money by being aware and cautious. If it sounds too good to be true, it probably is.
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Police Scotland’s North East Division covers rural and urban areas in Moray, Aberdeenshire and Aberdeen City. The division has five territorial command areas which have their own dedicated Area Commander, who is responsible for the daily policing function. Each command area is served by a number of community policing teams whose activities are built around the needs of the local community. These teams respond to local calls and look for long term solutions to key issues. They are assisted by the division’s Crime Reduction Unit who deliver against Force and local priorities in a number of areas, including physical and social crime prevention, supporting and enhancing community engagement and creating and sustaining strong and effective partnership working.
