The post Crypto Involved in 66% of All Investment Fraud in UK Last Year: City of London Police appeared on BitcoinEthereumNews.com.

Crypto fraud accounted for 66% of all investment fraud reported in the UK last year, according to City of London Police and national reporting center Action Fraud. This percentage marks an increase of 16% over 2023, with victims collectively losing a total of $830.4 million (£649 million), meaning that crypto fraud cost UK residents some $549 million (£428 million). While the total number of reports to Action Fraud declined by 7% in 2024, the total financial loss represented a 13% increase. The data also highlights how social media plays an increasingly central role for fraudsters, given that 36% of all reports made reference to one social network or another. WhatsApp, Facebook and Instagram were the most popular social networks for scammers, accounting for 40%, 18% and 14% of all social media-related reports. Also of note is how 2% of all reported frauds involved the impersonation of well-known celebrities, with fraudsters making using of AI-generated videos to dupe victims. The most commonly impersonated celebrity was popular British finance guru Martin Lewis (44%), followed by Elon Musk (40%) and British TV presenter Jeremy Clarkson (8%). According to the City of London Police, scammers are becoming increasingly sophisticated in their use of digital platforms and social media. “Investment fraudsters will often be incredibly skilled in what they do and will spin a convincing and alluring pitch of how much money they can make you, in often a short amount of time,” said Detective Superintendent Oliver Little. “Do not be seduced by the promise of making ‘easy money’ as the world of stocks and shares is anything but.” Action Fraud’s figures on the growing prevalence of cryptocurrency frauds also finds support from UK-based legal firms, with James Pritchard—the Head of Private Prosecutions at Watson Woodhouse—telling Decrypt that his professional experience bears out an increase…

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Filed under: News - @ April 10, 2025 4:24 am