The Crypto Scams are Increasing in the UK Day by Day

Cryptocurrency is booming in the world and many countries have also started legalizing it. Interest in the encryption industry remains high both for scammers and fans.

The UK Police have already warned the public about fraudulent activities on crypto investment schemes which ensure that they will make them rich quickly whose volume has led to losses of 2 million pounds this year.

How Does Cryptocurrency Fraud Occur in the UK?

Initially, the scammers attract their victims using the platform of social networks to announce “getting rich quickly” in the mining and commerce of cryptocurrencies.

The individuals convince themselves through false promises to the victims so that they register in the cryptocurrency investment websites, where they must share their personal data such as the details of the credit card and the driver’s license with the objective of opening a business account. The victim must make an initial minimum deposit after which the scam continues with the insistence of supporting larger projects through a larger investment.

When the victims realize that they have been scammed, the website has already been deactivated which prevents contact with the fraudsters.

However it is important to note that virtual currencies are not the cause of crimes, the honor is for scammers who invent projects with the aim of dizzying their victims and taking their money.

SEE ALSO:: Bitcoin Crimes are No Longer Worthwhile

With the aim of combating fraudulent activity within the crypto world, the Academy of Economic Crimes of the City of London Police (ECA) has developed a course of “Cryptocurrencies for Researchers” with duration of one day, aimed at training the officers to recognize and administer the crypto of their investigations.

In addition, the police offer recommendations to prevent the crimes of crypto. First do not assume that all investment opportunities are genuine, do not make hasty decisions if you decide to make some kind of investment, get independent advice and investigate everything you can about the company.

Recently, the Financial Conduct Authority (FCA) has issued two warnings about “clone” companies related to cryptography which claim to be authorized by the FCA.

For countries like Venezuela or South Africa, cryptocurrencies are a way to avoid the economic and political volatility of the country since it allows them to grow their investments for the future. Other countries like the United Kingdom are leading the way in encouraging the immense adoption of both Blockchain and Cryptocurrencies. All at once, they instruct their police force in the complexities involved in the controlling of virtual currencies. However, the UK’s community is not without any problems.

UK’s OneCoin Cryptocurrency Scam is Unbelievable

OneCoin is a Ponzi scheme which is promoted as a crypto coin without any private blockchain. It is a big crypto scam in the UK. There are London police who are investigating a cryptocurrency whose scheme appears to be fraudulent. This cryptocurrency which has been promoted as an investment opportunity is in the area of digital currencies.

OneCoin - Crypto Scam

The Financial Conduct Authority of the United Kingdom (FCA) alerted this week on its website about the cryptocurrency. Being one of the main financial regulators of the country, on previous occasions it has been in charge of legitimizing the service providers where Bitcoin and Blockchain are involved.

SEE ALSO:: Bitcoin Hackers Failed Multiple Times to Hack Bitcoin Database

OneCoin seems to be a cryptocurrency similar to Bitcoin but it has its key differences that mark its distance. OneCoin’s promotion tends to focus on selling investment packages in a centralized platform for trading, storing and recording transactions. Some critics have pointed out that OneCoin, as a currency, does not really exist.

FCA urges citizens who have been victims of fraud or who have had experiences dealing with the cryptocurrency to contact them through the website or a telephone number.