A lady hailing from the United Kingdom (UK) has lost £180,000 (approximately $227,292) after falling victim to an elaborate crypto scam.
She fell for a scheme where the criminals convinced her they were investing her money in crypto, even mimicking the behavior of a typical financial advisor.
A Crypto Scam That Didn’t Raise Any Flags
According to a recent report, criminals contacted the anonymous UK victim, posing as investment advisors. They claimed they could generate profits by trading her money in cryptocurrency.
Over six months, the criminals maintained regular contact with her, gradually building a close rapport. They persuaded her to grant them access to her phone and laptop, enabling them to transfer substantial sums of money at various times.
Reportedly, she believed that these funds were going into cryptocurrency investments. However, upon contacting her UK bank to confirm a transfer, she found that no funds were actually in crypto, and it was all a scam. She conveys how it has utterly disrupted her life:
“My first reaction when I was told I had been scammed was feeling very frightened for my future, as the scammers left me with nothing. Life will never be the same and I am trying to come to terms that some people can be so ruthless.”
UK Crackdown In Recent Times
This coincides with the UK government’s announcement of a crackdown on crypto and insurance fraud. They intend to hire 400 specialized personnel for this task. Reportedly, fraud is costing the nation around $9 billion.
Many criminals are targeting UK victims through social media and online channels. UK Prime Minister Rishi Sunak is determined to put an end to these activities;
“We will take the fight to these fraudsters wherever they try to hide,” he said in a recent statement.
In recent news, a recent consultation paper has proposed the UK government ban on financial institutions conducting cold calls. This was in response to the surge of crypto-related scams initiated over the phone.
The paper revealed that between August and November 2022, over 50% of UK landline users got suspicious calls. Furthermore, 80% of these landline owners claim to receive such calls at least once a month.