UK citizens were scammed for 197 mln GBP in 2018 alone

Retail investors in the UK lost more than 197 million GBP to scammers in 2018 alone, the local Financial Conduct Authority (FCA) reports. The numbers, based on 6759 complaints and data form Action Fraud, the UK’s national fraud reporting service, mean that on average a scam victim has lost 29 000 GBP.

The most common scams were connected to offshore, unregulated companies offering forex trade, as well as cryoto currencies, stocks and bonds. Scams with those asset classes amount to 85% of all fraudulent activities in 2018.

Scammers, however are using new tools for their clandestine activities. Although until recently the most common techniques was to cold call a victim, now more an more often con artists use the social media, emails and the so called “robo scam” websites.

FCA published “six signs” that can warn you, you are about to get scammed.

 

Dumb money flows to smart people, what else is new.

 

. The Russian Mob has a fair number of Phds who specialize in cyber crimes and money laundering. their goal is to steal hundreds of millions with a touch of a button. their involvement in cryptocurrency theft is not surprising.

 

https://www.bloomberg.com/news/arti...ounder-dies-leaves-behind-200-million-problem

I wager that 200 million has flown from the unsophisticates to some smart people.

 

Perhaps this is self correcting: If the cryptocurrencies go to zero, the problem goes away.

 

it doesn't matter if it goes to zero because too many lives will have been ruined along the way.

 

I don't think we'll ever see them go to zero exactly.