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- Investors have lost money to scammers posing as profit multipliers in the crypto space
- Fake websites and malicious software does not prevent investors from protecting their money
- Traders and investors need to stay away from sites offering profits in cryptocurrency
Cryptocurrency scams have risen multifold as regulators keep a close watch on illegal activities. The popularity of Bitcoin has increased remarkably over the last few months and so have scams and illicit activities. Fraudsters in the UK run a fake website, encouraging users to install remote access software with a download of cryptocurrency in their wallet. Moreover they run away with as much money as possible and erode investor wealth.
UK customers lost £135.1 million in total since January 2021
NatWest has raised this alarm as millions have been lost to scammers posing as potential investors in cryptocurrency. Victims were made to fill up a contact form and used to receive a call according to their convenience. Over the call, users were told to download cryptocurrency wallets, remote access software and malicious applications so that fraudulent activities may be carried out. Once investors put in little money from their wallet or account, criminals get easy access to their credentials and run away with large sums of money.
The usage of celebrity images and a short notice assuring exorbitant profits from cryptocurrency investments have driven investors to lose their money. The lesser known fact that a cryptocurrency wallet cannot be accessed by someone else is used towards personal benefits of fraudsters.
Keep necessary tips handy to avoid scams
NatWest has issued a circular creating awareness about the tips and signs that investors need to be aware of while dealing in cryptocurrency. Users should not allow a third party complete access over their digital wallets and should stay away from mailicious activities.
Lastly, fraudulent activities need to be reported to the concerned authorities at the earliest so that future wrongdoings are prevented. Cryptocurrency is still in its nascent stage and its awareness should be created among potential investors. If a trader is promising large profits from cryptocurrency investments, then it is most probably a scam and investors need to stay away from it.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
