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The State of Jersey Police brought a crypto investment fraud to light that resulted in losses amounting to £700,000 ($873K). Jersey police issued a warning to the islanders to be vigilant about cryptocurrency scams.
The British isle issued a cautionary note to residents to be aware of crypto investment fraud.
“We want to supply as much information as we can about online crypto frauds, how the fraudsters work, and what to look out for if you’re thinking of investing in crypto.”
The warning comes following an online crypto fraud resulting in losses of £700,000 to one islander.
“This is in addition to previous crypto fraud reports, brings the total financial loss reported this year alone to £1.8 million,” the warning read.
It stated the nature of crypto scams and how perpetrators take advantage of the anonymity and decentralized nature of cryptocurrencies. It stressed how scammers use persuasive language to convince customers by using legitimate-looking websites.
States of Jersey police raised a few red flags to identify a crypto fraud, including pressured sales tactics, unrealistic growth, high return guarantee, among others.
“It’s virtually impossible to get any money back after you have fallen victim to crypto fraud.”
Scammers Use High-Pressure Tactics
A joint report by the States of Jersey Police and Joint Financial Crimes Unit in February noted that over £600,000 were lost in the past three months to crypto investment frauds.
The heist was a “complex webs of deceit” through adverts and fake social media accounts, the report said. Scammers used high-pressure tactics to convince victims to invest in fake crypto schemes.
“They target all sectors of society and encourage people to invest life savings in high-risk products without understanding the risks involved,” said investigating officer Faith Shalamon, at the time.
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