Lloyds Bank, a major retail and commercial bank in the U.K., has issued an “urgent warning” about the growing threat of cryptocurrency scams. “Crypto is a highly risky asset class and remains largely unregulated, which makes it an attractive area for fraudsters to exploit. If something goes wrong, you’re unlikely to get your money back,” the British bank cautioned.
Lloyds Bank’s ‘Urgent’ Crypto Warning
Lloyds Bank, a prominent retail and commercial bank in the U.K., issued an “urgent warning” regarding the “rising threat of crypto scams” on Friday.
The British bank noted that crypto investment scams have increased by 23% this year, with victims losing an average of £10,741 ($13,343), more than any other type of consumer fraud. “A growing number of British investors risk being defrauded by a wave of fake adverts posted on social media,” the bank stated, noting that 66% of all investment scams start on social media, with Instagram and Facebook being the most
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