FCA reports over £27 million lost to crypto and forex scams

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The Financial Conduct Authority (FCA) and Action Fraud today sent a warning to the public to be wary of investment scams. This warning comes as cryptoassests and forex investment scams in the UK tripled last year to over 1,800. Fraudsters promise high returns from investments in crypto and forex, with victims losing over £27 million in total in 2018/2019.

Fraudsters often use social media to promote their get-rich-quick schemes, with fake celebrity endorsements and images of luxury items…

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