NatWest reported that the top seven highest-value scam cases all involved cryptocurrency investments.
This type of investment isn’t regulated by the Financial Conduct Authority (FCA) in the same way as other investments, and therefore your money isn’t protected by the UK’s Financial Services Compensation Scheme (FSCS) should something go wrong.
On their website they explain that scammers are capitalising on the growing attention cryptocurrency is attracting, by offering fake investments that don’t really exist or aren’t worth the money.
It says: “Investment scams are one of the many ways criminals try and steal your money.
“They try to convince you to invest in a scheme, shares, or commodities, which either don’t exist or aren’t worth the money paid for them. These scams are becoming increasingly common and can take a variety of forms, so it’s really important you know how to spot them.”