According to the bank, potential cryptocurrency investors usually make an average of three payments before recognizing they’ve fallen victim to a scam.
204 Total views
13 Total shares
One of the Big Four banks in the U.K., Lloyds Bank, has said that reports of cryptocurrency investment scams by victims have surged by 23% in the current year compared to the same period in 2022.
According to a press release published by Lloyds Bank, an increasing number of investors face the threat of falling victim to fraudulent schemes through a wave of fake adverts posted on social media. Each victim of a cryptocurrency investment scam is losing an average of $13,115 (£10,741), an increase from $8,562 (£7,010) the previous year. This surpasses losses from other consumer frauds like romance scams or purchase scams.
According to the report, individuals aged 25 to 34 constitute a quarter of all crypto scam victims, making it the most prevalent age group affected. The criminal organizations orchestrating these scams adapt their strategies to capitalize on emerging trends, deceiving more victims into relinquishing their money. Recently, their focus has expanded to include younger investors, enticed by the allure of quick riches through cryptocurrency trading.
Potential cryptocurrency investors usually make an average of three payments before recognizing they’ve fallen victim to a scam. It takes approximately 100 days from the initial transaction date before they report it to their bank. Unfortunately, the funds are usually irretrievable for the bank by this time.
This report from Lloyds Bank corresponds with findings from a Coinbase report on the cryptocurrency landscape, indicating that younger Americans are more receptive to unconventional avenues for financial independence, including crypto, than older generations. This susceptibility makes them vulnerable to scams.
Younger generations actively explore new economic opportunities, laying the foundation for a modernized system and a revitalized version of the American dream. As the report outlines, they see technologies like cryptocurrency as a tool to modernize the system.
Magazine: Eleanor Terrett on impersonators and a better crypto industry: Hall of Flame
OKEx, the world’s fifth-largest crypto exchange, announced on Oct. 29 plans to launch Tether (USDT) futures trading, featuring a linear contract with leverage of up to 100x. Stablecoin futures, the exchange said, offer a simpler and more efficient means to navigate the market, and could open the door for many new retail traders.Related: Bitfinex Cries…
The president of Western Union Global Money Transfer has claimed the company is “ready to adopt any kind of currency,” potentially including cryptocurrencies, in an interview with Reuters Plus, Dec. 17.Odilon Almeida stated there is no big difference between cryptocurrencies and regular digital payments, the likes of which Western Union has been handling for years.Almeida…
The commission approved 19b-4 filings from eight asset managers in May, but they won’t begin trading on U.S. exchanges until the SEC signs off on the S-1 registration statements.
Paypal’s new Ethereum-based stablecoin, PYUSD has been seen as bittersweet news for the crypto community. While it could finally see Ethereum find its place in mainstream adoption, it could also spell trouble for decentralization and personal control of assets, warns the community. The new stablecoin, Paypal USD, was launched on Aug. 7 and is issued…
Memecoins linked to Joe, Jill, and Hunter Biden tanked more than 60% while a memecoin tied to US Vice President Kamala Harris rallied 133% before cooling off.
User activity on friend.tech has witnessed a major resurgence after briefly fizzling last week. 93 Total views 4 Total shares Decentralized social media platform friend.tech has seen a sudden surge in total value locked (TVL), doubling to reach more than $20 million within the last four days. Only two weeks ago, critics declared the platform “dead”
Bhutan uses Himalayan rivers to generate energy used to mine Bitcoin, local reports reveal. 1386 Total views 24 Total shares Own this piece of history Collect this article as an NFTBhutan is bullish on Bitcoin (BTC). Following the revelation that the small Himalayan kingdom has been quietly accumulating crypto, the country is also mining Bitcoin. Moreover,…
Ethereum’s Merge dominated the crypto world in September with promises of quicker transaction times, improved security and a 99% reduction in energy consumption. However, will you end up with a surprise tax bill too? Let’s examine.During the Merge event, the Ethereum mainnet — the then current proof-of-work (PoW) blockchain — merged with the proof-of-stake (PoS)…