BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

UK Cryptocurrency Scams Soar by 23% – Young Investors at Risk, Warns Lloyds Bank

by Dan K
Nov 10, 2023 - 7:51 pm
in Blockchain
Official FCA Warning Notice Regarding Poloniex Crypto Exchange.

Introduction

One of the UK’s Big Four banks, Lloyds Bank, has issued a stark warning regarding a significant rise in cryptocurrency scams. The bank’s latest report indicates a 23% increase in such scams compared to the previous year, with young investors being the primary targets.

Rising Concerns

The report highlights the deceptive nature of these scams, often propagated through social media, resulting in significant financial losses. Victims lose an average of $13,115 (10,741 British pounds) – a noticeable increase from the previous year’s average of $8,562 (7,010 pounds). These figures surpass losses from other consumer frauds, including romance and purchase scams.

Targeting the Young

Alarmingly, individuals aged 25–34 make up a quarter of all crypto scam victims. The report underscores how criminal organizations skillfully adapt their strategies to exploit emerging trends and deceive victims, particularly younger investors drawn to the promise of quick wealth through cryptocurrency trading.

The Deception Process

Victims typically make an average of three payments before realizing they’ve been scammed. It usually takes around 100 days from the first transaction before the scam is reported to the bank. However, by this time, recovery of funds becomes highly unlikely.

Global Perspective

This alarming trend in the UK echoes findings from a Coinbase report, which suggests that younger Americans are also increasingly drawn to unconventional financial paths like cryptocurrencies. This openness, however, also makes them more susceptible to scams.

Conclusion

The Lloyds Bank report serves as a crucial reminder of the dangers lurking in the crypto space, especially for younger investors. It emphasizes the importance of vigilance and informed decision-making in the rapidly evolving world of cryptocurrency investments.

Tags: BlockchainScamUK
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service