A woman from the UK has lost £180,000 (approximately $227,292) after falling victim to an elaborate cryptocurrency scam. The criminals posed as investment advisors and convinced her to invest her money in crypto. They maintained regular contact with her for six months, building a close rapport and gaining access to her phone and laptop.
Using this access, they transferred substantial sums of money at various times, leading her to believe that it was being invested in cryptocurrency. However, when she contacted her UK bank to confirm a transfer, she discovered that the funds were never actually invested and that it was all a scam.
This incident comes as the UK government announced a crackdown on crypto and insurance fraud, aiming to hire 400 specialized personnel to address the issue. Fraud is estimated to cost the nation around $9 billion, with criminals targeting UK victims through social media and online platforms. UK Prime Minister Rishi Sunak has expressed his determination to fight against these fraudsters, stating that the government will take the fight to them wherever they try to hide.
In response to the surge of crypto-related scams conducted through cold calls, the UK government has proposed a ban on financial institutions conducting such calls. A recent consultation paper highlighted that over 50% of UK landline users received suspicious calls between August and November 2022, with 80% claiming to receive such calls at least once a month.
Read Now: Stake bounces back and reopens withdrawals after $41.3M hack