“It’s vital that people carry out the necessary checks to ensure that an investment they’re considering is legitimate,” Pauline Smith, director of Action Fraud, Britain’s national centre for reporting fraud and cybercrime, said of cryptocurrencies (Justin TALLIS)

London (AFP) – The number of cryptocurrency and foreign exchange-based “get rich quick” scams is booming in Britain, authorities warned on Tuesday.

Reported cases of the bogus online investment surged to more than 1,800 in 2018/2019.

That contrasted sharply with just 530 reported cases in the previous 2017/2018 financial year.

The total amount stolen meanwhile hit £27 million ($34 million, 31 million euros), with an average loss per victim of £14,600.

The data was collated by the Financial Conduct Authority regulator and Action Fraud UK, which is Britain’s national centre for reporting fraud and cybercrime.

The two organisations have joined together to raise awareness.

Criminals promote “get rich quick” schemes on social media, urging people to invest cash on fraudulent online trading platforms.

“These figures are startling and provide a stark warning that people need to be wary of fake investments on online trading platforms,” said Action Fraud director Pauline Smith.

“It’s vital that people carry out the necessary checks to ensure that an investment they’re considering is legitimate.”

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.