UK watchdog says currency and crypto scams hit 27 million pounds
LONDON (Reuters) - Scams in Britain involving currencies and crypto assets like bitcoin totalled 27 million pounds ($34.38 million) in the last financial year, with average losses of 14,600 pounds per victim, the Financial Conduct Authority (FCA) said on Tuesday. Reports of scams more than tripled in the year that ended in April to 1,800 as fraudsters often used social media to promote their 'get rich quick' online trading platforms, according to an FCA statement
LONDON (Reuters) - Scams in Britain involving currencies and crypto assets like bitcoin totalled 27 million pounds ($34.38 million) in the last financial year, with average losses of 14,600 pounds per victim, the Financial Conduct Authority (FCA) said on Tuesday.
Reports of scams more than tripled in the year that ended in April to 1,800 as fraudsters often used social media to promote their "get rich quick" online trading platforms, according to an FCA statement.
"Investors will often be led to believe that their first investment has successfully made a profit," it said.
The fraudster then contacts the victim to invest more money with a false promise of greater profits. The customer account is later closed and the scammer disappears, the FCA said.
The FCA said it would run advertising to raise awareness of online trading scams.
"We're warning the public to be suspicious of adverts which promise high returns from online trading platforms," said Mark Steward, the FCA's executive director of enforcement and market oversight.
(Reporting by Huw Jones; Editing by Mark Heinrich)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.