quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams

Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams ftr img

Lloyds Bank revealed a rise in cryptocurrency investment scams and reported a 23% increase compared to last year. 

According to Lloyds Bank, the average victim in the UK has lost £10,741 in the crypto scam, which was £7,010 in the previous year and higher than losses from any other fraud. Most crypto investment fraud is due to the unlicensed trading platform. This is why crypto trading service providers must comply with AML measures to onboard financial institutes. However, loopholes in the country’s compliance systems assist criminals in manipulating crypto services. 

66% of crypto investment originated from social media fake ads and celebrity endorsements. To prevent crypto scams investors should be aware of illegal crypto investing platforms, and financial institutes must conduct risk assessments of crypto trading before onboarding. Carrying out due diligence checks on service providers before letting them invest is essential to combat crypto scams. Crypto investment fraud is a major issue, and banks should take proactive steps to prevent it. They should ensure that their AML systems are robust and that their staff is adequately trained to detect and prevent crypto fraud. Additionally, banks should provide better support to victims of crypto fraud.

Lloyds Bank’s Fraud Prevention director, Liz Ziegler, emphasised the need for caution, mainly when investing in cryptocurrencies, which are still a precarious and largely unregulated financial sector. She highlights the need to verify investment proposals thoroughly and vigilance investors about being duped by social media platforms. The director also stated that crypto scams often involve the illusion of crypto investing platforms or sometimes overtake the legal platform to proceed with scams. Finding these illicit transactions’ money trails is impossible because they use the mixed crypto scheme. She urges investors to verify the crypto investor companies independently and avoid opportunities that seem too good to be real. 

Suggested Reads: 

UK BANKS AND TECH FIRMS CALL ON REGULATORS FOR GUIDANCE ON TACKLING SCAMS
PSR ORDERS UK BANKS TO REIMBURSE CUSTOMERS TRICKED BY PAYMENT FRAUD
UK TO END “GOLDEN VISA” REGIME TO TACKLE MONEY LAUNDERING

Related Posts

News

CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture

The Council for Scientific and Industrial Research (CSIR) has reported that cyberattacks have inc...

CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture Explore More

News

Europol Arrests 106 Suspects in Money Laundering, Online Fraud Case

The organised crime operation involved phishing scams and numerous business email compromise atta...

Europol Arrests 106 Suspects in Money Laundering, Online Fraud Case Explore More

News

Black Friday Shoppers Alert: Digital Scam Victims Lose an Average of £1,000 Each

Black Friday shoppers have been advised to strengthen their cybersecurity as NFIB revealed that v...

Black Friday Shoppers Alert: Digital Scam Victims Lose an Average of £1,000 Each Explore More

News

Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection

It has been three weeks since Dallas’ operations were affected by a municipal network outage. Som...

Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection Explore More

News

Ransomware attacks increase as more people work from home

According to a study published by the cybersecurity firm, Proofpoint, there has been an increase ...

Ransomware attacks increase as more people work from home Explore More

News

NFT Market Skyrockets to $44 Billion as Money Laundering Increases

The non-fungible token (NFT) market value has increased from $106 million in 2020 to $44 billion ...

NFT Market Skyrockets to $44 Billion as Money Laundering Increases Explore More

News

Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code

The members of parliament of Simcoe North, including the deputy minister of finance, have introdu...

Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code Explore More

News

Netflix ‘Update your payment” phishing scam is bypassing email spam filters

Phishing scams are taking a new turn as more and more people are using streaming services during ...

Netflix ‘Update your payment” phishing scam is bypassing email spam filters Explore More

News

US Blocks Tornado Cash Investors for Money Laundering Risks & Links to Korean Hackers

The United States has frozen the assets of crypto investors from Tornado Cash Service, saying it ...

US Blocks Tornado Cash Investors for Money Laundering Risks & Links to Korean Hackers Explore More

News

Colombia Releases New Regulations For Crypto Firms Operating in the Country

The Colombian government passed new drafts for the local crypto organisations to continue operati...

Colombia Releases New Regulations For Crypto Firms Operating in the Country Explore More

News

Rules for AMLC Inquiry for Bank Accounts Released by the Court of Appeals (CA)

On Sunday, the Court of Appeals (CA) issued its rule of process for assessing the deposit or inve...

Rules for AMLC Inquiry for Bank Accounts Released by the Court of Appeals (CA) Explore More

News

FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs

FIU has highlighted in its annual report the risk of money laundering and terrorist financing in ...

FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs Explore More

News

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft

Hackers stole approximately $625 million in crypto from the Ronin blockchain and the video game n...

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft Explore More

News

New Zealand to Introduce New Bill for Public Beneficial Ownership Register

New Zealand has initiated a crackdown against corporate secrecy after the Pandora papers and look...

New Zealand to Introduce New Bill for Public Beneficial Ownership Register Explore More

News

Central Bank of Morocco to Introduce a Comprehensive Crypto Regulation Bill

Morocco’s Central Bank is drafting a set of comprehensive cryptocurrency laws as the digital asse...

Central Bank of Morocco to Introduce a Comprehensive Crypto Regulation Bill Explore More

News

Danske Bank Facing the Long-term Cost of Money Laundering

Danske Bank is still facing the consequences of its involvement in the €200 billion worth of mone...

Danske Bank Facing the Long-term Cost of Money Laundering Explore More

News

FinCEN Pinpoints Bitzlato as “Primary Money Laundering Concern”

FinCEN recognises Bitzlato Limited, a Hong-kong based virtual crypto exchange network, as a prima...

FinCEN Pinpoints Bitzlato as “Primary Money Laundering Concern” Explore More

News

Bulgarian Prosecutors Investigate Crypto Lender Nexo for Alleged Illegal Activities

Bulgarian officers have launched an investigation against Nexo as the crypto Lender was involved ...

Bulgarian Prosecutors Investigate Crypto Lender Nexo for Alleged Illegal Activities Explore More

News

HEDA Calls for Professional Regulatory Bodies to Sanction Corruption Enablers

The Human and Environmental Development Agenda (HEDA), the leading civic society organization on ...

HEDA Calls for Professional Regulatory Bodies to Sanction Corruption Enablers Explore More

News

EFCC Enforces Real Estate Agents to Comply with Anti-Money Laundering (AML) Regulations

The Economic and Financial Crimes Commission (EFCC) urges real estate agents to strengthen their ...

EFCC Enforces Real Estate Agents to Comply with Anti-Money Laundering (AML) Regulations Explore More

News

Panama’s Supreme Court to Declare Cryptocurrency Legislation

Panama’s Supreme court to decide whether to modify the “crypto bill” or approve it without amendm...

Panama’s Supreme Court to Declare Cryptocurrency Legislation Explore More

News

Singapore Authorities Investigates Bank’s Role in $1.8B Money Laundering Case

Singapore’s central bank started an investigation against banks involved in a $1.8b global wealth...

Singapore Authorities Investigates Bank’s Role in $1.8B Money Laundering Case Explore More

News

Nigerian-Owned Tech Firm, Flutterwave, Closes 45 Bank Accounts Due to Money Laundering

A group of 2,468 Nigerian nationals accused Flutterwave Payments Technology of defrauding them of...

Nigerian-Owned Tech Firm, Flutterwave, Closes 45 Bank Accounts Due to Money Laundering Explore More

News

Financial Watchdogs in South Korea Add Guidelines for Crypto Transactions

Financial Watchdogs in South Korea will now oversee the activities regarding crypto in the countr...

Financial Watchdogs in South Korea Add Guidelines for Crypto Transactions Explore More

News

$8M seized, Four Arrested for Money Laundering Activities Across Sydney

The Sydney law enforcement authorities seized more than $8 million in cash and arrested four crim...

$8M seized, Four Arrested for Money Laundering Activities Across Sydney Explore More

News

Bank of Lithuania Open Probe on UK Fintech over Alleged Money Laundering

Bank of Lithuania is reportedly investigating UK fintech Railsr over Anti-Money Laundering and Co...

Bank of Lithuania Open Probe on UK Fintech over Alleged Money Laundering Explore More

News

Macau to Introduce Digital Currency to Combat AML Threats in Casinos

Macau is moving towards introducing digital currency to fight money laundering and tax evasion in...

Macau to Introduce Digital Currency to Combat AML Threats in Casinos Explore More

News

Manitoba Expands Criminal Property Forfeiture Branch to Counter Money Laundering

The Manitoba government is expanding the Criminal Property Forfeiture (CPF) branch as part of its...

Manitoba Expands Criminal Property Forfeiture Branch to Counter Money Laundering Explore More

News

Singapore Introduces Face Verification for National ID Service

Not just authentication, but facial verification is mandatory for anyone who is using the nationa...

Singapore Introduces Face Verification for National ID Service Explore More

News

Gambling Commission Imposed a £6.1 Million Fine on Touch Games for Money Laundering Failings

The Touch Games, a gambling firm that operates 11 websites, has been fined £6.1 million over fail...

Gambling Commission Imposed a £6.1 Million Fine on Touch Games for Money Laundering Failings Explore More

News

FATF Points Out Jurisdictions with Inadequate AML/CFT Measures

After the Financial Action Task Force issued public statements regarding updates to its lists of ...

FATF Points Out Jurisdictions with Inadequate AML/CFT Measures Explore More

News

Crypto-Supporting Digital Cards to be Launched Soon in China and Korea

UnionPay, an analogue for Visa and Mastercard service providers, has partnered with Danal, a Kore...

Crypto-Supporting Digital Cards to be Launched Soon in China and Korea Explore More

News

Interpol Operation Intercepts Financial Cybercrime Worth $83 Million

Due to an exponential rise in online financial crimes in the Asia Pacific region, an INTERPOL-coo...

Interpol Operation Intercepts Financial Cybercrime Worth $83 Million Explore More

News

UAE Endorses Legal Framework for Unlicensed Virtual Asset Platforms

The United Arab Emirates (UAE) issued new strict anti-money laundering regulations for unlicensed...

UAE Endorses Legal Framework for Unlicensed Virtual Asset Platforms Explore More

News

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms

The UAE is keen on regaining a good reputation by clearing its name from FATF’s grey list while t...

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms Explore More

News

Swedish Bank SEB Accused of Money Laundering

Investigations done by the news agency TT and broadcaster SVT revealed that 25 SEB clients record...

Swedish Bank SEB Accused of Money Laundering Explore More

News

“Cryptocurrency Could Become Worthless in Future”, Warns Bank of England

Due to anonymity and the potential risks associated with cryptocurrency, the Bank of England warn...

“Cryptocurrency Could Become Worthless in Future”, Warns Bank of England Explore More

News

$320 Million Worth of Cryptocurrency Stolen in Wormhole Hack

A recent hack on one of the most popular blockchain bridges linking Ethereum and Solana led to th...

$320 Million Worth of Cryptocurrency Stolen in Wormhole Hack Explore More

News

Bank of Lithuania Open Probe on UK Fintech over Alleged Money Laundering

Bank of Lithuania is reportedly investigating UK fintech Railsr over Anti-Money Laundering and Co...

Bank of Lithuania Open Probe on UK Fintech over Alleged Money Laundering Explore More

News

ICO Warns Public Bodies Over Failure to Respond FOI Requests

ICO warned public bodies regarding Freedom of Information (FOI) requests failure. Different depar...

ICO Warns Public Bodies Over Failure to Respond FOI Requests Explore More

News

Real Estate Firm LeHomes Realty Fined $282K for AML Compliance Failure

Real Estate Firm LeHomes Realty has been fined $282K for AML compliance failure. The brokerage co...

Real Estate Firm LeHomes Realty Fined $282K for AML Compliance Failure Explore More

News

SFC Finalizes Consultation Conclusions on AML Guidelines

Updated AML/CFT guidelines are expected to come into effect from 30 September 2021, except for th...

SFC Finalizes Consultation Conclusions on AML Guidelines Explore More

News

Bank of England fines Citigroup £44m Over Poor Financial Information

The Bank of England has fined the UK branch of the US bank, Citigroup, a record £44m because the ...

Bank of England fines Citigroup £44m Over Poor Financial Information Explore More

News

FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations

The Financial Market Authority (FMA) has issued a formal warning to Pencarrow Private Equity Mana...

FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations Explore More

News

FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs

FIU has highlighted in its annual report the risk of money laundering and terrorist financing in ...

FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs Explore More

News

ASIC Expands its Team to Enhance Cryptocurrency Regulations

Australia’s financial regulator has enhanced the size of its crypto team. The crypto regula...

ASIC Expands its Team to Enhance Cryptocurrency Regulations Explore More

News

Qatar’s new AML laws leave no room for Cryptocurrencies

A number of countries across the globe are coming with up stringent policies to inhibit the illeg...

Qatar’s new AML laws leave no room for Cryptocurrencies Explore More

News

FinCEN to Expand GTOs on All-cash Real Estate Purchases to Stop Money Laundering

The Financial Crimes Enforcement Network (FinCEN) has announced the expansion of its GTOs. The ne...

FinCEN to Expand GTOs on All-cash Real Estate Purchases to Stop Money Laundering Explore More

News

The US Treasury Department OFAC Enforces Whistleblower Programmes

According to the US Treasury’s Department Office of Foreign Assets Control (OFAC), companies must...

The US Treasury Department OFAC Enforces Whistleblower Programmes Explore More

News

Danish Gaming Regulator to Support the Ministry of Justice’s National AML Strategy

Denmark promises to crackdown on money laundering activities across the nation with a new AML str...

Danish Gaming Regulator to Support the Ministry of Justice’s National AML Strategy Explore More

News

Cryptocurrencies marked as top AML and CFT Priority by FinCEN

FinCEN will soon be publishing regulations on how financial institutions can incorporate cryptocu...

Cryptocurrencies marked as top AML and CFT Priority by FinCEN Explore More

News

Business Email Compromise Scam Taking a Toll on Businesses

BEC, Business Email Compromise scams are on the rise and they continue to impact businesses. Ther...

Business Email Compromise Scam Taking a Toll on Businesses Explore More

News

Artist Sues AI Generators for Alleged Industrial-Level Identity Theft

Artist, Karla Ortiz, has sued two artificial intelligence firms for generating images that mimic ...

Artist Sues AI Generators for Alleged Industrial-Level Identity Theft Explore More

News

New Jersey Hospital System Hit By a Ransomware Attack

One of the largest hospital systems of New Jersey has reported that it was hit by a ransomware at...

New Jersey Hospital System Hit By a Ransomware Attack Explore More

News

Liberian Ministers Allegedly Laundering Money Using Foreign Lobbying Contracts, Investigation Reveals

Liberia, one of the poorest countries in the world, is said to spend an enormous and highly suspi...

Liberian Ministers Allegedly Laundering Money Using Foreign Lobbying Contracts, Investigation Reveals Explore More

News

Google to Improve its Compliance Program After BTC-e Data Loss

Google has committed to strengthening its legal compliance program after losing data linked with ...

Google to Improve its Compliance Program After BTC-e Data Loss Explore More

News

HSBC Bank SMS Phishing Scam Targets UK Victims

A new phishing scam, designed to lure victims into handing over their HSBC bank account details, ...

HSBC Bank SMS Phishing Scam Targets UK Victims Explore More

News

US Senators Push Congress to Regulate Crypto Amid FTX Turmoil

US senators have urged Congress to regulate cryptocurrencies under current financial regulations ...

US Senators Push Congress to Regulate Crypto Amid FTX Turmoil Explore More

News

The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague

The Netherlands is aiming to create a new anti-money laundering agency with the principles of the...

The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague Explore More

News

Visa and BlockFi Team Up to Launch Bitcoin Rewards for Credit Card Users

As digital currencies are entering different regions of the world, financial giants are introduci...

Visa and BlockFi Team Up to Launch Bitcoin Rewards for Credit Card Users Explore More

News

e-KYC services introduced in Malaysia by InstaREM

Residents and expatriates in Malaysia can now make overseas payments safely and regularly through...

e-KYC services introduced in Malaysia by InstaREM Explore More

News

USD 10.4 Billion Paid by Financial Groups in 2020 in Regulatory Fines

Know Your Customer and Anti-money Laundering non-compliance penalties rose 26% this year. Many pr...

USD 10.4 Billion Paid by Financial Groups in 2020 in Regulatory Fines Explore More

News

UK court orders crypto exchange to shut down after clients lose $2M

In a recent statement, the U.K. government stated that 108 of their clients had lost a total of a...

UK court orders crypto exchange to shut down after clients lose $2M Explore More

News

China plans on introducing digital yuan

China’s central bank has sent one of its strongest signals yet of a commitment to creating ...

China plans on introducing digital yuan Explore More

News

Japan Revises Six Laws to Tackle Money Laundering in Cryptocurrency

The Japanese government is pondering enacting a new law. The “bundling bill” proposed...

Japan Revises Six Laws to Tackle Money Laundering in Cryptocurrency Explore More

News

South Korea FSC Identifies 14 ‘Fake’ Crypto Accounts Held by VASPs

All crypto accounts in South Korea are directed to register under their real names. Third-party b...

South Korea FSC Identifies 14 ‘Fake’ Crypto Accounts Held by VASPs Explore More

News

Online Gaming Company Fined €386,000 for AML Failings

Online Amusement Solution Limited, a gaming company, was fined more than €386,000 by the FIAU for...

Online Gaming Company Fined €386,000 for AML Failings Explore More

News

FATF Criticized Cash-Rich Germany Over Money Laundering Concerns

FATF dealt a blow to Germany’s reputation, which considered itself high regarding its reput...

FATF Criticized Cash-Rich Germany Over Money Laundering Concerns Explore More

News

ACCC Calls for Heavy Penalties to Make Tech Giants Scam-free

The Australian Competition and Consumer Commission (ACCC) has demanded severe penalties linked to...

ACCC Calls for Heavy Penalties to Make Tech Giants Scam-free Explore More

News

FATF Updates on South Africa’s AML Compliance Progress

A report on South Africa’s progress in implementing AML procedures to prevent money launder...

FATF Updates on South Africa’s AML Compliance Progress Explore More

News

TD Banking Group Expects US Penalties for Money Laundering

TD Banking Group disclosed that they expect fines and non-compliance penalties related to US auth...

TD Banking Group Expects US Penalties for Money Laundering Explore More

News

FATF Issues New BO Requirements to Address Pandora Papers

While addressing the Pandora Papers, the Paris-based global financial watchdog, FATF, has issued ...

FATF Issues New BO Requirements to Address Pandora Papers Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started