Bitcoin and Crypto scams behind this year's biggest losses to fraud

Friday 04 November 2022

Scammers have taken more than £400,000 off islanders so far this year - with Bitcoin and Crypto investment frauds accounting for the biggest losses.

Police have received a total of 136 reports of fraud this year.

While that is nearly a third down on 2021, Jersey Fraud Prevention Forum Chair Chief Inspector Chris Beechey nonetheless said it was "disappointing" to see that fraud and scams were continuing to have "such a significant monetary impact on islanders, knowing of course that the reports we receive only represent a part of the story."

He went on to provide a "reminder that fraudsters are becoming more and more sophisticated", noting that: "This year the biggest loss so far has been associated with Bitcoin and Crypto investment scams, with islanders losing a total of £176,450. Crypto is a new and emerging sector, and we remind islanders to treat it like any other and to report the fraudulent activity to us if spotted."

Romance fraud also remains at concerning levels, with islanders losing £130,500 this year.

"We know when it comes to matters of the heart that it can be difficult to come forward or to recognise that you have fallen victim, however we really do want to help, and if you suspect or know that you or a friend or family member has fallen victim then please speak to one of our Forum members for support and advice."

Ahead of the festive period, Chief Inspector Beechey urged islanders to "be vigilant" and report anything suspicious.

The Fraud Prevention Forum will have a stand outside Voisins from 12:00 to 14:30 on 18 November - during Fraud Prevention Week - to provide tips on spotting scams.