City Police Link £63M Scam Losses To Social Media

Law360, London (May 26, 2021, 3:29 PM BST) -- City of London Police warned on Wednesday against investment fraudsters who use social media to target people after the financial district's force found that victims who lost more than £63 million ($89 million) in scams cited the platforms in their reports.

Action Fraud, the national reporting center for fraud and cybercrime operated by City Police, said that it received just over 5,000 reports of investment fraud on social media platforms over a 12-month period. Almost half, 44.7%, involved hoax cryptocurrency promotions.

About a third of the victims, 35.2%, cited Instagram, and 18.4% cited Facebook, according to Action Fraud.

"Reports of investment fraud...

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