To make matters worse, money is usually asked to be sent across via a cryptocurrency platform which makes it almost “impossible” to retrieve the victims’ money.
Action Fraud explained: “Once the initial investment has been transferred the victim is given a series of excuses as to why their money and ‘profits’ cannot be returned unless more money is sent.
“Eventually all contact is severed and the victim is blocked by the suspect. Victims are usually requested to send the money by bank transfer or through a cryptocurrency platform which means it is nearly impossible to retrieve.
“Whilst individual financial losses from this fraud are comparably smaller than other types of fraudulent investment schemes, this fraud targets a younger demographic, typically aged between 20 and 30, with less savings or those who are financially vulnerable and are searching for a quick and easy way to make money.”