Crypto Fraud Cases Become FCA's Top Scam Alert Category

According to The Block, citing the annual enforcement summary issued by the UK Financial Conduct Authority (FCA), between April 1, 2021 and March 31, 2022, 8,568 suspected crypto scams were reported to the FCA, an increase from the previous year. That's an increase of about 36% over the same period, topping the list and more than double that of the second-placed fraud category, "transferring pensions to a new plan." In addition, the FCA investigated 432 cases of potential fraud related to cryptocurrencies and stated that customers had already invested funds when reporting possible fraud, accounting for 79%.