Police warning after one person lost £350,000 in cryptocurrency scam

Police say there were 5,600 reports of scams and attempted scams in Northern Ireland this year, with one person being scammed out of £350,000.

The loss, which came as a result of a cryptocurrency investment scam, was the biggest in 2022.

In recent months, police say fake offers of refunds on utility bills, energy tariff discounts, energy rebates, tax rebates and cost-of-living payments have all used by criminals.

The estimated total loss to scams each year in Northern Ireland is around £19m.

Urging people to be vigilant, PSNI Chief Superintendent Pollock said: “We should never lose sight of the fact that behind every loss, no matter what it has been, is a person or a business owner who has been taken advantage of in the most despicable and callous way.

"In some cases, the impact of the scam has life-long consequences.

"The biggest amount of money we have seen lost this year has been a person who lost £350,000 as a result of a cryptocurrency investment scam.

"These may seem like a good way to boost savings, however, they are often high-risk investments with limited regulation or safeguards."

Ch Supt Pollock continued: "Most frauds and scams are committed at distance, with criminals exploiting communication networks through phones, social media, emails or text messages.

"These can include impersonation scams, where people are contacted online through WhatsApp, via text or online on Facebook, investment and romance scams and, more recently, cost of living scams.

"All of these scams are an attempt to get your personal details, such as your name, address, date of birth and who you bank with for your loss and their gain.

"This can then be used to commit a more sophisticated scam where the losses can be substantial."

The PSNI say the best way to stop scams is to apply these five rules:

• Never click on links in text messages from someone you do not know

• Never call or text suspicious numbers back

• Never ever transfer money to someone you do not know or have not met

• Always delete texts requesting personal or financial information or bank account details

• Always forward scam texts to 7726 – the free scam text reporting service

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