Cryptocurrency investors in Ireland are losing huge hard-earned money easily to fraudulent investment platforms, as scammers continue to flaunt a quick-to-profit scheme on digital currencies. About $3.5 million has been lost by Irish crypto investors to scammers in just this year. The national police fear that the number of victims and the money lost to these scammers might even increase.
Scammer target Irish crypto investors with fake investments platforms
As the Independent recently reported, cases of investment frauds have surged by 61 percent in the country. Noteworthily, the surge in the reports was recorded in just the first eight months of 2020, indicating how scammers have increased their activities to defraud residents in the country. According to the national police service, Gardaí, about $3,500,000 (€3 million) has been lost by Irish crypto investors.
Gardaí fears that there could be more cryptocurrency scam reports and that the reported amount might even increase as it might take more time for people to realize a fake investment platform. Moreover, many victims have decided to conceal their experience from the public in order to avoid embarrassment, Gardaí noted.
Avoiding fraudulent investments
To the Irish crypto investors and residents at large, the Detective Chief Superintendent Pat Lordan of the Garda National Economic Crime Bureau warned that investment is most likely going to be a scam if the offers look too good to be true. The D Chief Supt Lordan went on to explain that:
“The victims are normal, ordinary people who can lose from hundreds to hundreds of thousands of euro. The person is deceived into investing in something which is misrepresented. There are general promises of fast enormous returns, it’s a once in a lifetime opportunity, and includes hard aggressive selling that can be endorsed by reputable business people or celebrities, but without their knowledge.”
It is practically difficult to recover the invested funds from scammers. So, residents have been advised to conduct thorough research before investing in any platform.