Are celebrity-endorsed cryptocurrency scams on pace to double this year?

Celebrity-endorsed cryptocurrency scams in the UK are on pace to almost double this year, Banco Santander SA’s local unit said. “Case volumes” jumped 61% in the first quarter from the prior three months, Santander said in a statement on its website on Tuesday. The average value of the scams was £11,872 ($14,540), up 65% from a year earlier.

What are some examples of crypto scams?

Crypto scams can take many forms. Here are a few of the most common examples. Investment scams involve a bad actor enticing people to send their cryptocurrency to the fraudster with promises of “huge gains.” Scammers can play many parts, such as an “investment manager,” a celebrity or even a love interest on an online dating site.

Is cryptocurrency a scam?

To steer clear of a crypto con, here are some things to know. Only scammers demand payment in cryptocurrency. No legitimate business is going to demand you send cryptocurrency in advance – not to buy something, and not to protect your money. That’s always a scam. Only scammers will guarantee profits or big returns.

Are celebrity influencers promoting crypto-currency scams?

Celebrity influencers are being used to promote crypto-currency and currency trading schemes which turn out to be scams, the City watchdog has warned. These celebrities often have a large following on social media - an opportunity seized on by con-artists to cast a wide net for potential victims.