Published: 11:20 AM July 16, 2022

People are being warned to remain vigilant when making investments after criminals cheated out of Norfolk victims through cryptocurrency fraud.

Norfolk Trading Standards said it had received reports of individuals falling victim to online investment scams, including fake cryptocurrency exchanges. 

Losses to these scams range from a few hundred to several thousand pounds.

The dangers of people investing in cryptocurrencies was highlighted when Norfolk man Gary Edwards, 71, revealed he and his wife had lost £30,000.

A trading standard spokesperson warned: “Our advice is to always ensure you understand a cryptocurrency or an investment before transferring any money.”

Action Fraud said criminals often advertise schemes using celebrity fake endorsements.

“Be wary of adverts online and on social media promising high returns on investments in cryptoassets or cryptoasset-related products and be suspicious if you are contacted out of the blue about an investment opportunity,” it added.

If you think you’ve been a victim of an investment fraud, report it to Action Fraud online actionfraud.police.uk or on 0300 123 2040. For more information, visit fca.org.uk/scamsmart.