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‘Worrying rise’ in crypto scams claiming to be celebrity-endorsed seen by bank


‘Worrying rise’ in crypto scams claiming to be celebrity-endorsed seen by bank

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A “worrying” surge in reports about cryptocurrency scams which falsely claim to be endorsed by celebrities is being seen by a major bank.

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.

Chris Ainsley, head of fraud risk management, Santander UK, said: “We’re seeing a worrying rise in ‘celebrity-endorsed’ cryptocurrency scams, where familiar faces are being misused on social media in order to con people out of often life-changing sums of money.

“Rather than revelling in the promised high returns, people are losing significant sums after being duped by these highly sophisticated criminals.

“Always do your homework and thoroughly research any investment opportunity before moving any money – irrespective of who is endorsing it.”

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.

The customer clicks on a link and shares their contact details to find out more.

They are then contacted by phone, email or social media, and offered high returns with “little or no risk”. Fraudsters often use high-pressure sales tactics.

They are told to download specialist…

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