Residents of the island of Jersey off the coast of the United Kingdom have fallen victim to several crypto fraud schemes as of late. Thus far, more than 600,000 pounds have been lost to these scams over the past three months.
People in Jersey Are Falling Victim to Crypto Scams
Law enforcement agents in Jersey say the scammers are using phony social media accounts and advertisements to play up the crypto space to people on the island. They also use what they’re calling “high-pressure tactics” to get them involved in the schemes, and that those who take part in recruiting potential victims have no regard for the attempts they’ve made to build up wealth or keep themselves financially secure in recent years.
Investigating officer Faith Shalamon explained in a recent interview that many lives have been ruined over the course of a quarter of a year. She said:
They target all sectors of society and encourage people to invest life savings in high-risk products without understanding the risks involved. They will often discourage their victims from seeking the advice of a third party before investing. They ruin lives and we don’t want anyone else to get caught out by them.
For the most part, the pressure begins when the scammers start sending out friendly emails, WhatsApp messages, and even telephone calls telling individuals of the “high returns” they stand to witness should they take part in the opportunities that are being presented to them. This should be a huge red flag for those getting such communications, as guarantees of any kind cannot be solidified in the digital currency investing arena.
The fact remains that many assets in the crypto space are quite vulnerable to speculation and volatility. Thus, one cannot say they will earn specific returns as the tokens could wind up falling in terms of price at any moment without notice.
Crypto fraud has been a huge problem since the earliest days of the industry, and now – sadly – Jersey residents are getting a small taste of this reality. The Financial Conduct Authority (FCA) presently offers a list of all crypto firms to avoid. In the meantime, people in and out of the United Kingdom can potentially stop themselves from falling victim to various scams if they keep their eyes open for specific warning signs.
Watch Out for These Signs
For example, all calls that emerge from out of the blue should be treated as though they’re scams. Second, if a person who gets in touch with you about an investing opportunity tries to pressure you to make a fast decision, your answer should likely be “no” as this person is possibly hoping to get you trapped in a financial scheme.
Lastly, traders are told to seek advice from financial planners and other experts if they feel unsure about something.
