Investors lose £27m to 'get rich quick' crypto and forex scams in 2018/19

Complaints triple in past year

Losses as a result of "get rich quick" cryptoasset and forex scams exceeded £27m during the 2018/19 financial year, with the number of investors reporting fraud tripling on the previous year's figures.

Data from the Financial Conduct Authority (FCA) reveals that of the 1,800 complaints it received over the last financial year, victims lost on average over £14,600. FCA: 'Get rich quick' crypto investors do not understand the asset Crypto and forex fraudsters often target potential victims for the so-called "get rich quick" schemes using social media, posting fake celebrity endorsements and images of luxury items like expensive watches and cars, the FCA explained. Victims will be lured by professional-looking websites and then be led to believe that their first investment has succe...