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 <p class="is-style-lead">A recent press release issued by Britain’s Lloyds Bank shares that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="scams" href="https://thebittimes.com/tag/scams.html">scams</a> that have surged 23% over the course of the year.</p>
 <p>Young investors between the ages of 25 and 34 years old are said to be the most prevalent target for these attacks.</p>
 <h2 class="wp-block-heading" id="social-media-home-base">Social media home base</h2>
 <p>The&nbsp;press release&nbsp;goes on to report victims of crypto investment scams are facing an average loss of £10,741, marking an increase from the previous year’s £7,010.&nbsp;</p>
 <p>Additional data goes on to state that 66% of all investment <a rel="noopener noreferrer nofollow" title="scams" href="https://thebittimes.com/tag/scams.html">scams</a> originate on social media platforms, with Instagram and Facebook emerging as the primary sources.</p>
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 <p>Crypto investors were then said to make an average of three payments before realizing they were involved in a scam, meaning that it would often take 100 days from the date of the first transaction before a report was issued to the bank. Unfortunately, by the time it was, Lloyds shares that the money is typically long gone.</p>
 <h2 class="wp-block-heading" id="tightening-the-grip">Tightening the grip</h2>
 <p>These findings come alongside a Nov. 9 update about the UK tightening its regulatory grip on the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market, a reality that has been in the works for months now. Under these provisions, the UK aims to create responsibility for the marketing of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets and ensure proper guidelines are in place for the use of stablecoins.</p>
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 <p>Among these rules, implemented by the Financial Conduct Authority (FCA), <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms must abide by a specific cooling-off period for new investors to contemplate their decisions, avoid “refer a friend” bonuses, and ensure there clear risk warnings in all advertisements.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Is the UK ready to embrace the new dawn of crypto regulations?
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/lloyds-bank-issues-urgent-warning-of-crypto-scams-in-the-uk-tbt69872.html">https://thebittimes.com/lloyds-bank-issues-urgent-warning-of-crypto-scams-in-the-uk-tbt69872.html</a></p>

Lloyds Bank issues urgent warning of crypto scams in the UK

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