£27 Million Lost to Forex and Cryptocurrency Scams, British Regulatory Agency Cries Out

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gurumaster
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Posts: 59
Joined: Wed May 22, 2019 12:37 pm

Sat May 25, 2019 4:50 pm

The British regulatory agency is coming up with a new initiative aimed at combating fraud on social media – it is called ScamSmart.
The Financial Conduct Authority has raised an alarm that the sum of £27 million has been lost to the activities of scammers on foreign exchange and cryptocurrency platforms. This hefty loss was for the 2018/2019 fiscal year alone. The government regulator also revealed that a total of 1,834 scam alerts were sent in last year. That was a shocking 400% rise in the spate of scams compared with the previous fiscal year.
gurumaster
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Posts: 59
Joined: Wed May 22, 2019 12:37 pm

Mon May 27, 2019 10:51 am

In the United Kingdom, the FCA is of the opinion that the typical victim of these scammers was swindled of the average sum of £14,600 (which comes to about $18,600). The regulatory body also insists that a vast majority of the scams were perpetrated on different social media pages. Pretending as rich individuals, prominent social media celebrities lure people to make massive gains by trading using links to their affiliate sites. Mark Steward is the executive director of enforcement and market oversight at the FCA and he stated that the body is issuing a serious note of warning to everyone. Users are implored to be very careful of online adverts that promise massive gains and profits from trading platforms.
gurumaster
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Tue May 28, 2019 5:12 pm

It is very important that all stakeholders in the bitcoin world pay very close attention to the security of their cryptocurrency wallets. In addition, they should verify the integrity of those they are doing business with.
alayemi
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Posts: 36
Joined: Thu May 23, 2019 5:44 am

Mon Jun 10, 2019 9:41 pm

The two principal reasons are risk reduction and compliance with regulatory rulings. Normally, the sums that are linked to the institutional investments are far bigger when compared with those with private investment.
gurumaster wrote:
Sat May 25, 2019 4:50 pm
The British regulatory agency is coming up with a new initiative aimed at combating fraud on social media – it is called ScamSmart.
The Financial Conduct Authority has raised an alarm that the sum of £27 million has been lost to the activities of scammers on foreign exchange and cryptocurrency platforms. This hefty loss was for the 2018/2019 fiscal year alone. The government regulator also revealed that a total of 1,834 scam alerts were sent in last year. That was a shocking 400% rise in the spate of scams compared with the previous fiscal year.
alayemi
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Posts: 36
Joined: Thu May 23, 2019 5:44 am

Mon Jun 10, 2019 9:46 pm

Online storage that is not insured, like exchange and other digital wallets, present an elevated degree of risk for institutional investors.
gurumaster wrote:
Sat May 25, 2019 4:50 pm
The British regulatory agency is coming up with a new initiative aimed at combating fraud on social media – it is called ScamSmart.
The Financial Conduct Authority has raised an alarm that the sum of £27 million has been lost to the activities of scammers on foreign exchange and cryptocurrency platforms. This hefty loss was for the 2018/2019 fiscal year alone. The government regulator also revealed that a total of 1,834 scam alerts were sent in last year. That was a shocking 400% rise in the spate of scams compared with the previous fiscal year.
labie
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Joined: Thu May 23, 2019 5:47 am

Tue Jun 11, 2019 1:05 pm

The central bank of Laos is reportedly worried about the fact that the sender and receiver remain anonymous in cryptocurrency transactions. The bank is of the opinion that this heightens the risk of cryptocurrencies being used in criminal activities like money transactions.
gurumaster wrote:
Sat May 25, 2019 4:50 pm
The British regulatory agency is coming up with a new initiative aimed at combating fraud on social media – it is called ScamSmart.
The Financial Conduct Authority has raised an alarm that the sum of £27 million has been lost to the activities of scammers on foreign exchange and cryptocurrency platforms. This hefty loss was for the 2018/2019 fiscal year alone. The government regulator also revealed that a total of 1,834 scam alerts were sent in last year. That was a shocking 400% rise in the spate of scams compared with the previous fiscal year.
labie
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Posts: 21
Joined: Thu May 23, 2019 5:47 am

Tue Jun 11, 2019 1:16 pm

Many officials in power have a hard time trusting these new forms of money and in some countries like India, some government officials have called for total and absolute bans on all forms of cryptocurrencies.
gurumaster wrote:
Sat May 25, 2019 4:50 pm
The British regulatory agency is coming up with a new initiative aimed at combating fraud on social media – it is called ScamSmart.
The Financial Conduct Authority has raised an alarm that the sum of £27 million has been lost to the activities of scammers on foreign exchange and cryptocurrency platforms. This hefty loss was for the 2018/2019 fiscal year alone. The government regulator also revealed that a total of 1,834 scam alerts were sent in last year. That was a shocking 400% rise in the spate of scams compared with the previous fiscal year.
wonai
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Joined: Thu May 23, 2019 5:48 am

Tue Jun 11, 2019 1:46 pm

Recently, crypto trading brand Binance announced on its Twitter page with a post that showed 2.0 graphic. There were no words with the post, just an image that was accompanied by a section of the logo of Binance.
gurumaster wrote:
Sat May 25, 2019 4:50 pm
The British regulatory agency is coming up with a new initiative aimed at combating fraud on social media – it is called ScamSmart.
The Financial Conduct Authority has raised an alarm that the sum of £27 million has been lost to the activities of scammers on foreign exchange and cryptocurrency platforms. This hefty loss was for the 2018/2019 fiscal year alone. The government regulator also revealed that a total of 1,834 scam alerts were sent in last year. That was a shocking 400% rise in the spate of scams compared with the previous fiscal year.
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