UK warns over online trading scams

"It's vital that people carry out the necessary checks to ensure that an investment they're considering is legitimate," Pauline Smith, director of Action Fraud, Britain's national centre for reporting fraud and cybercrime, said of cryptocurrencies The number of cryptocurrency and foreign exchange-based "get rich quick" scams is booming in Britain, authorities warned on Tuesday. Reported cases of the bogus online investment surged to more than 1,800 in 2018/2019. The data was collated by the Financial Conduct Authority regulator and Action Fraud UK, which is Britain's national centre for reporting fraud and cybercrime. Criminals promote "get rich quick" schemes on social media, urging people to invest cash on fraudulent online trading platforms. "These figures are startling and provide a stark warning that people need to be wary of fake investments on online trading platforms," said Action Fraud director Pauline Smith.

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