The Financial Conduct Authority (FCA) has reported that overall investment fraud losses, including crypto-related losses, in 2018 totaled over £ 197 million ($ 255 million). The agency reported the losses in a published official press release on 6 February

According to the FCA call center, the most frequently reported frauds were unauthorized investments in equities and bonds, foreign exchange markets and cryptocurrencies. Each victim lost an average of 29,000 pounds ($ 37,000), with these fraudulent investments totaling 4,996 reported cases, accounting for 85 percent of total fraud in 2018.

In its recent warning to investors, the FCA emphasized that investors should be particularly cautious in the first quarter of the year, which is considered the highest investment time before the end of the tax year.

Financial supervisors have also noted that the proliferation of investment scams is shifting from traditional cold calls to online scams. According to the FCA, fraudsters have used online sources nine percent more than in 2017 to connect with people through emails and professional-looking websites, as well as through social media sites like Facebook and Instagram.

In early January, cryptanalyst CipherTrace reported that approximately $ 1.7 billion was illegally acquired in 2018, including $ 960 million stolen by crypto exchanges and $ 725 million in fraud, exit Systems and fraudulent initial coin offerings (ICOs) were lost.

Have you ever been scammed online?