Crypto scams favor Revolut when ripping off Brits, major bank says
The number of reported crypto investment scams in the UK has risen by 23% this year, with the average amount lost by each British victim now £ 10,741 ($12,000) — up from £ 7,010 ($8,500) in 2022, according to a press release by Lloyds Bank. Lloyds issued the ‘urgent warning’ on Friday together with its banking partners. The report notes that 66% of investment scams begin on social media, particularly Instagram and Facebook, through fake ads, celeb endorsements, and direct messages. Contrary to popular belief, the Lloyds report states that ‘boomers’ aren’t the most common demographic to fall for crypto scams — that title belongs to those aged 25 to 34, who make up a quarter of all cases. Organised criminal gangs are purposefully widening their net to capture younger social media users “who are often tempted by the supposed ‘get rich quick’ promise of cryptocurrency trading,” the warning read. These findings are suppor...