There has been a lot of media coverage in recent years promoting how investing in cryptocurrency can make a lot of money, and quickly. Cryptocurrency is not regulated in the way, for example, banking is. This means that any investment is extremely risky and should be considered and researched extensively beforehand. The Financial Conduct Authority has repeatedly warned that investors in cryptocurrency need to be prepared to lose all their money and is introducing new rules to require crypto asset providers to tell their customers just this.
Unfortunately, due to the allure and relatively unregulated nature of cryptocurrency, it has become the favoured method of payment for scammers. The vast majority of the general public do not have in-depth knowledge of how cryptocurrency works and the scammers can use this to their advantage. Usually they will use very technical language and images to explain how the investment works, to make it seem that they are trustworthy and knowledgeable and should take over for you.
