Lloyds Bank’s Warning on Cryptocurrency Scams
Lloyds Bank, a well-known retail and commercial bank in the U.K., has issued an “urgent warning” about the growing threat of cryptocurrency scams. The bank highlighted the increased risk of falling victim to crypto investment scams, which have seen a 23% rise this year with an average loss of £10,741 ($13,343) per victim.
The bank emphasized that social media is a common platform for these scams to originate, with fake adverts on Instagram and Facebook being particularly prevalent. The scammers go to great lengths to appear legitimate, including setting up fake companies and producing professional-looking investment literature.
Furthermore, Lloyds Bank warned about the use of cryptocurrency in other types of scams such as romance or impersonation scams. The bank’s Fraud Prevention Director emphasized the importance of investing in trusted companies and reiterated the high risk and lack of regulation in the cryptocurrency market.
Hot Take: The Risks of Cryptocurrency Investment
It’s crucial to be cautious when considering cryptocurrency investment due to the increasing prevalence of scams. Lloyds Bank’s warning sheds light on the potential dangers associated with unregulated crypto assets. With social media being a common breeding ground for fraudulent activity, it’s important to exercise vigilance and ensure your money is going to a genuine and trusted source.
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