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UK Crypto Fraud Climbs by a Third to Over $270M: Report

The country is in a recession and the cost of living has increased, making some people vulnerable to fraudsters.

Updated Nov 28, 2022, 4:27 p.m. Published Nov 28, 2022, 9:35 a.m.

Crypto fraud is rising in the U.K. (Getty Images)

Cryptocurrency fraud in the U.K. rose by 32% to 226 million pound ($273 million) in one year, according to data from the U.K. police unit Action Fraud, the Financial Times reported on Monday.

The U.K. is in a recession and the cost of living has increased, making some people vulnerable to fraudsters.

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“Whenever times are tough, fraudsters always seek to prey on less experienced investors by promising huge returns," Hinesh Shah, a forensic accountant at law firm Pinsent Masons, told the FT.

Crypto crime has been rife in the U.K. Police officers have seized hundreds of millions pounds' worth of cryptocurrency, and crypto experts in the police are stationed nationwide.

Action Fraud didn't immediately return a request for comment.

Regulations Crypto Fraud UK

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.