UK: ONLINE TRADING SCAMS

LONDON : UK warns over online trading scams. The number of cryptocurrency and foreign-exchange based ''get rich quick'' scams is booming in Britain, authorities warned on Tuesday.

Reported cases of  the bogus online investment surged to more than 1,800 in 2018/19.

That contrasted sharply with just 530 reported cases in the previous 2017/2018 financial year.

The total amount stolen so far hit Pound 27 million [$34 million, 31 millions euros], with an average loss per victim of Pound 14,600.

The data was collated by the Financial Conduct Authority  regulator and  Action Fraud UK, which is Britain's  national centre for reporting fraud and cybercrime.

The two organisations have joined together to raise awareness.

Criminals promote ''get rich quick'' schemes on social media, urging people to invest cash on fraudulent online trading platforms.

''These figures are starling and provide a stark warning that people need to be wary of fake investments on online trading platforms,'' said Action Fraud Director Pauline Smith. [AFP]