Cryptocurrency

Fraudsters often use social media to advertise, frequently featuring celebrities to attract victims. They also target individuals searching for investment opportunities via search engines like Google and Bing.

The advertisements typically link to professional-looking websites where fraudsters use software to manipulate prices and investment returns. After you've invested, they might quickly close your account and disappear with your money. Sometimes, they maintain the pretence to lure in more victims. Many people only realise they’ve been defrauded when they try to sell their supposed investments.

In the UK, most crypto activities are unregulated. This means you won't have access to the Financial Ombudsman Service if you want to make a complaint, or the Financial Services Compensation Scheme (FSCS) if the company goes out of business, making it unlikely you'll recover your money.

1. Were you contacted unexpectedly?
2. Are you being pressured to invest quickly?
3. Are the promised returns unrealistically high?

If you answered 'yes' to any of these, proceed with caution. Remember, if an investment seems too good to be true, it probably is.

Firms offering crypto products in the UK must be registered or have permission to promote them. Use the Financial Services Register to check a firm's status.

• Search for the firm by name or firm reference number (FRN).
• Verify what activities and services the firm is authorised to provide.
• Ensure the firm's contact details match those you've been given.

If a firm isn't listed on the FS Register, it likely doesn't have permission to offer crypto products, and you should avoid it.

For more advice on how to protect yourself against investment fraud, please visit: The Financial Conduct Authority

If you think you have been a victim of cryptocurrency investment fraud, please report it to Report Fraud on 0300 123 2040 or via our reporting hub.

If you are in Scotland, please report to Police Scotland directly by calling 101.