Lloyds Bank has issued a new warning regarding an alarming increase in crypto scams. The scams, often involving social media and fake endorsements, have caused victims to lose an average of $13,130, predominantly impacting people aged 25-34. The bank emphasizes the unregulated nature of cryptocurrency, which makes fraudsters more likely to take advantage of investors. Additionally, victims rarely are able to recover any of the funds they lose. Lloyds Bank recommends investors pay attention to warnings from the Financial Conduct Authority in order to help protect themselves, as well as utilize card payments and the FCA list for company verification. By following these measures investors can help to reduce the risk of falling victim to crypto scams.



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