Cryptocurrency fraud has become one of the fastest growing crimes in the UK. Last year alone UK residents lost over £300 million to crypto scams — and the number is rising every year. The victims are not just tech savvy investors — they are ordinary people targeted by sophisticated criminals who use personal data to make their approaches seem credible.
Before a crypto scammer makes contact they already know who you are. They purchase personal data from data broker websites — your name, email address, phone number and sometimes even your estimated income. This allows them to target people who are most likely to have savings to invest.
They then approach via social media, email, WhatsApp or dating apps with a personalised pitch that feels genuine because they already know details about you.
You are introduced to a cryptocurrency investment platform that shows impressive returns. You invest small amounts first and see profits — then invest larger sums. When you try to withdraw your money the platform disappears or demands fees you cannot pay.
A fraudster builds a romantic relationship over weeks or months then introduces you to a crypto investment opportunity. After you invest they disappear with your money. This is known as pig butchering — they fatten you up before slaughter.
Fake adverts using the images of celebrities or well known figures promote crypto investment schemes. The celebrity has nothing to do with the scheme — their image has been stolen or deepfaked.
After losing money to a crypto scam victims are targeted again by criminals posing as recovery specialists who claim they can get your money back for an upfront fee. They cannot — and you lose even more.
Fraudsters create convincing fake versions of legitimate crypto exchanges. You deposit real money which goes straight to the criminals. Always check the FCA register before using any investment platform.
Before investing any money in any cryptocurrency platform always check:
1. FCA Register — Visit register.fca.org.uk and search for the company. If they are not listed they are not authorised to offer investments in the UK.
2. FCA Warning List — Visit fca.org.uk/scamsmart and check the warning list of known scam firms.
3. Companies House — Check if the company is registered at find-and-update.company-information.service.gov.uk
4. Independent reviews — Search the company name plus the word scam on Google. Check Trustpilot and Reddit.
Crypto scammers do not pick victims randomly. They use personal data purchased from data broker websites to identify and target people who are likely to have savings. Your name, email address, phone number and estimated income can all be purchased legally for just a few pounds.
By removing your personal data from data broker sites you make yourself a significantly harder target. Silent Erase automatically sends removal requests to 500+ data broker sites on your behalf under your UK GDPR rights.
1. Stop sending money immediately — Do not send any more money under any circumstances, even if they promise you can recover your losses.
2. Report to Report Fraud — Call 0300 123 2040 or visit reportfraud.police.uk immediately.
3. Contact your bank — If you transferred money from your bank account contact them immediately. They may be able to recover some funds.
4. Report to the FCA — Report the scam platform to the FCA at fca.org.uk/scamsmart
5. Do not pay recovery fees — Anyone offering to recover your lost crypto for a fee is also a scammer.
6. Remove your data from broker sites — After a scam your data is often shared further within criminal networks. Removing it urgently reduces further targeting.
Remove your personal data from the sites scammers use to find their victims. Free scan — no credit card required.
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