Customers are being warned “you’re unlikely to get your money back”
A major bank has issued an urgent warning to customers about crypto investment scams that could mean “you’re unlikely to get your money back”.
The bank said that many of the scams targeting customers originated on social media and those aged between 25 to 34 were the most common victims of crypto scams. Victims will also sometimes be shown a fake investment account which gives the impression that the funds are already making a profit, or a small amount of money will be transferred back into their bank account. But Lloyds warns that there is often no genuine crypto holding and the fraudster will then disappear.
Liz Ziegler, fraud prevention director at Lloyds Bank, said: “Crypto is a highly risky asset class and remains largely unregulated, which makes it an attractive area for fraudsters to exploit. If something goes wrong, you’re unlikely to get your money back.” Check a company is genuine Always use the Financial Conduct Authority website to check if contact details for a company are genuine and to check for warnings about fake firms.
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