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  • Crypto scams have surged by 23% this year as fraudsters target younger investors
  • Victims losing £10,741 on average, more than any other type of scam
  • Two-thirds of investment scams now estimated to start on social media
  • Findings highlight importance of investing through trusted, genuine companies

The number of cryptocurrency investment scams reported1 by victims so far this year has risen by 23%, compared to the same period in 2022.

The average amount lost by each victim of a crypto investment scam is £10,741 (up from £7,010 last year). This is more than any other type of consumer fraud (such as romance scams or purchase scams).

Remarkably, the analysis found that 66% of all investment scams start on social media – with Instagram and Facebook the most common sources. This includes a mix of bogus ads, fake celebrity endorsements, and targeting through direct messages.

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