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#1 03-06-2019 11:01:24

johnedward
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From: Paris - France
Registered: 21-12-2009
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FCA: forex and crypto scams have costed £26 million last year

FCA: forex and crypto scams have costed £26 million last year


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Two weeks ago, the UK's Financial Conduct Authority said that UK citizens lost around £26 million last year ($33.3m) due to forex and crypto fraud last year.

The FCA agency adds that they recorded nearly 2,000 cases of scamming, over 3 times more than the preceeding period.

The Financial Conduct Authority hasn't given additional details on this as it doesn't have all of the information it needs.

On the French side, the AMF (France's regulatory agency) also reported that scammers have a new favourite asset class. They report that complaints linked to crypto trading shot up last year. This contrasts sharply with complaints linked to forex scams, which were on the decline.

The Financial Conduct Authority reported that the average loss was around £13,700 ($17,700).

It also said that a majority of fraudsters were recruiting their clients via sites such as Facebook, Twitter and Instagram. The fraudsters posed as rich and successful individuals and were able to persuade people to open up trading accounts to also enjoy quick, easy profits.

"People need to recognise that advertisements promising fast and easy money through trading are usually bogus", says Marcus Stewart, FCA law enforcement and market surveillance manager.

"Fraudsters are highly imaginative; people need to first conduct due diligence and make sure the brokers they're sending money to are reputable ones that are regulated."

As a result, FCA is planning an awareness campaign entitled "ScamSmarts".

This programme will be conducted via banners on sites such as Facebook, Instagram and Twitter in a partnership with ActionFraud, a London-based police department that specialises in combating online scams.

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