Cryptocurrency scam warning after £150k handed over to fraudsters

Police are warning people about the dangers of cryptocurrency scams

A person in their 60s has been conned into handing over £150,000 in a cryptocurrency scam, police have said.

Gloucestershire Police have repeated warnings about the dangers of these types of crimes.

Staff at a bank in Cheltenham contacted police on Thursday after someone wanted to transfer a large amount of money to a suspected fraudulent account.

It transpired that several transactions had been made as the person believed they were investing in cryptocurrency.

The transactions totalled more than £150,000 over a number of months.

Police have warned people to remain vigilant when making investments and said it is possible to be "lured into scams" by social media posts or online adverts.

In this case, the fraudsters used WhatsApp to communicate with the victim.

Action Fraud said as more people invest in cryptocurrencies, criminals are capitalising on this to commit fraud

Cryptocurrency is a digital or virtual currency designed to work as a medium of exchange.

Action Fraud said as more people have invested their money in cryptocurrencies, criminals have capitalised on this as an opportunity to commit fraud.

Criminals advertise schemes promising, in some cases, high returns through cryptocurrency investing or mining.

Advice from Action Fraud includes being wary of adverts that promise high returns on investments, being rushed into making an investment and not assuming the trade is legitimate even if a company appears professional.

People should also check the Financial Conduct Authority (FCA) Register to make sure they are dealing with an authorised firm.