NCA launches campaign to prevent Crypto Investment Fraud

Crypto Investment Fraud sees members of the public who are interested in growing their monetary wealth being introduced to fraudulent cryptocurrency platforms where they’re then encouraged to send thousands of pounds as an ‘investment’.

Fake digital platforms lead the would-be investors to believe their money is growing and that they’re making extraordinary profits in just a short period of time. The victims live under the false belief that their money can be withdrawn at any time.

The truth of the matter is that the funds have been stolen by fraudsters. Victims have never been investors: their money has simply been taken from them.

‘Crypto Dream Scam Nightmare’

The campaign activity is delivered in parallel with the Home Office’s national ‘Stop! Think Fraud’ campaign. This campaign introduces the strapline ‘Crypto Dream Scam Nightmare’ to address how the optimism of becoming involved in crypto investing is quickly replaced with the fact of losing tens of thousands of pounds (even hundreds of thousands of pounds).

Campaign assets include a 60-second video featuring the story of an anonymous victim who thought his ‘investment’ of £28,000 had grown to £400,000 in only six months. In fact, the man was the victim of Crypto Investment Fraud and the funds were stolen.

Scammers will try to convince people that they’ve been ‘specially selected’ or ‘deserve huge returns’ as a means to extract larger amounts of funds.

The campaign also provides an information sheet on Crypto Investment Fraud including ten tips to help members of the public spot such a fraud before any money is lost. The advice offered includes the following:

*don’t respond to unsolicited approaches about day trading or crypto investment companies on social media

*refuse any offer to become a ‘member of an exclusive club’ emanating from a finance ‘professor’ or ‘guru’

*beware of continuous pressure to make additional investments and also of messages being sent outside of business hours

*be suspicious if you’re instructed not to tell family or friends about your ‘new investment’

Growing problem

Nick Sharp, deputy director at the National Economic Crime Centre within the National Crime Agency, said: “Crypto Investment Fraud is one of the fastest growing types of fraud in the UK and is experienced by those who believe their ‘investment’ will vastly grow their money. The knowledge that their money has, in truth, been stolen and they will never see any returns is a financial and emotional loss. Lives are destroyed and people can sometimes never be made whole again after falling victim to this form of criminality.”

Sharp continued: “That’s why the National Crime Agency is actively targeting and disrupting the criminal networks behind Crypto Investment Fraud through investigations and intelligence sharing with international partners.”

Prevention remains equally as important as disruptions. “This campaign is an important part of our strategy by raising awareness among an audience of ‘crypto investors’ who may not realise they’re on the road to becoming a victim of fraud. Taking note of the ‘Crypto Dream Scam Nightmare’ ten tips to look out for in crypto investing can be the best defence against the fraudsters.”