The number of cryptocurrency and foreign exchange-based "get rich quick" scams is booming in Britain, authorities warned on Tuesday. Reported cases of the bogus online investment surged to more than 1,800 in 2018/2019. That contrasted sharply with just 530 reported cases in the previous 2017/2018 financial year. The total amount stolen meanwhile hit £27 million ($34 million, 31 million euros), with an average loss per victim of £14,600. The data was collated by the Financial Conduct Authority regulator and Action Fraud UK, which is Britain's national centre for reporting fraud and cybercrime. The two organisations have joined together to raise awareness. Criminals promote "get rich quick" schemes on social media, urging people to invest cash on fraudulent online trading platforms. "These figures are startling and provide a stark warning that people need to be wary of fake investments on online trading platforms," said Action Fraud director Pauline Smith. "It's vital that … [Read more...] about UK warns over online trading scams
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People are being warned about "get rich quick" scams involving bogus online investments, as those who are conned lose more than £14,600 on average. Fraudsters promise high returns from investments in cryptocurrencies and forex (foreign exchange where one currency is converted into another), according to Action Fraud and the Financial Conduct Authority (FCA). Victims lost more than £27million in total in 2018-19. Reports of cryptoassets and forex investment scams more than tripled last year, compared with the year before, to more than 1,800, from 530 in 2017-18. The scams work by criminals promoting get-rich-quick online trading platforms through social media. Posts often use fake celebrity endorsements and images of luxury items like expensive watches and cars. These then link to professional-looking websites where consumers are persuaded to invest. Investors will often be led to believe that their first investment has successfully made a profit. The fraudster will then … [Read more...] about Warning over ‘get rich quick’ online investment scams
With the deadline of March 29th rapidly approaching, there is an increasingly real prospect of the United Kingdom leaving the European Union (EU) without a Brexit deal. UK and EU officials have failed to negotiate a divorce settlement in more than two years of discussions, and with the backstop issue of the Republic of Ireland and Northern Ireland still at the heart of the debate, a no-deal Brexit could be the only option to end the political impasse. Some financial experts have suggested that UK and EU stocks could fall by as much as 25% and 10%, respectively, in the event of a no-deal Brexit. Even US and Japanese stock markets are expected to decline by 9%, with increased trade barriers and uncertainty causing unprecedented economic turbulence. So, how will a no-deal scenario affect retail investors who trade stocks, forex, and commodities markets, both as a profession and as an investment opportunity? You might be surprised to find that many retail investors will cope reasonably … [Read more...] about How Might a No-Deal Brexit Affect Online Trading Businesses?
(Reuters) - UK shares lagged their euro-zone peers on Tuesday as growing risks of a disorderly Brexit rattled investors, while poor results from tour operator TUI and a profit warning from online trading platform Plus500 sapped appetite for stocks. FILE PHOTO: A woman is seen through a car window as she walks past the London Stock Exchange October 27, 2008. REUTERS/Alessia Pierdomenico (BRITAIN) The mood soured on the main indices in choppy afternoon trade as Prime Minister Theresa May urged lawmakers to back her Brexit deal and Bank of England Governor Mark Carney warned again of the economic damage if Britain leaves the EU without a deal. While the speeches did not contain any news, the comments reinforced concerns about the protracted deadlock between Parliament and Brussels. The FTSE 100, which makes 70 percent of its income overseas, closed up 0.1 percent, after briefly falling into negative territory as sterling recouped some losses during May’s speech. The … [Read more...] about Brexit worries and poor earnings dent UK stocks
(Reuters) - UK shares lagged their euro-zone peers on Tuesday, as growing risks of a disorderly divorce from the European Union rattled investors, while a profit warning from online trading platform Plus500 knocked the midcap index into the red. FILE PHOTO: A woman is seen through a car window as she walks past the London Stock Exchange October 27, 2008. REUTERS/Alessia Pierdomenico (BRITAIN) The mood soured on the main indices in choppy afternoon trade as Prime Minister Theresa May urged lawmakers to back her Brexit deal and Bank of England Governor Mark Carney warned again of the economic damage if the country leaves the bloc without a deal. While the speeches did not contain any news, the comments reinforced concerns about the protracted deadlock between Parliament and Brussels. The FTSE 100, which makes 70 percent of its income overseas, was up 0.1 percent at 1447 GMT, after briefly falling into negative territory as sterling recouped some losses during May’s … [Read more...] about UK shares head south as Brexit worries rattle investors; Plus500 sinks