Santander has issued a warning over a "worrying" surge in reports about cryptocurrency scams.
On average, people lost £11,872 to this type of scam in the first quarter of this year, Santander UK said. Based on the current growth in these frauds, Santander UK is expecting to see an 87% increase in volume of cases in 2022, compared with 2021.
Scams may involve people seeing a celebrity appearing to be advertising cryptocurrency online, or they may be introduced via another social media user to a crypto "investment opportunity", which appears to be endorsed by someone famous.
