The security issue, which is a major agenda in the cryptocurrency market, is being discussed more and more every day. According to Lloyds Bank, one of the Big Four banks in the United Kingdom, the reports of cryptocurrency investment scams, which have been raised by victims, have increased by 23% compared to the same period in 2022.
Noteworthy Details in the Report
According to a press release shared with the public by Lloyds Bank, an increasing number of cryptocurrency investors are facing the threat of becoming victims of fraud schemes due to fake advertisements published on social media. Each victim of cryptocurrency investment scams is losing an average of $13,115 (£10,741) this year, compared to $8,562 (£7,010) last year. These figures continue to surpass the losses caused by other consumer frauds.
The report highlights that this fraud method is particularly affecting the age group between 25 and 34. When all cases are examined, 25% of this age group falls for this deceptive method. Criminal organizations orchestrating this fraud continuously update their strategies to take advantage of the emerging hype and deceive more victims.
The American Dream of the Young Generation: The Crypto Sector
Recently, these cases also include young investors who are enticed by the allure of quick wealth through cryptocurrency trading. Potential cryptocurrency investors usually make an average of three payments before realizing that they have fallen victim to a scam. It takes approximately 100 days for the victims to report to their banks from the date of the first transaction, and unfortunately, during this period, the funds cannot be recovered.
This striking report by Lloyds Bank is in line with a report from Coinbase, a cryptocurrency exchange, and shows that the younger generation, including young Americans, is more open to non-traditional paths for financial independence, including the crypto sector.
The younger generation is embracing new economic opportunities by exploring a modernized system and a renewed version of the American Dream. Areas like the cryptocurrency sector are seen as tools to modernize the system, as reported.
