One of many Large 4 banks in the UK, Lloyds (LON:) Financial institution, has mentioned that studies of cryptocurrency funding scams by victims have surged by 23% within the present yr in comparison with the identical interval in 2022.

Based on a press launch revealed by Lloyds Financial institution, an growing variety of buyers face the specter of falling sufferer to fraudulent schemes by means of a wave of faux ads posted on social media. Every sufferer of a cryptocurrency funding rip-off is dropping a mean of $13,115 (10,741 British kilos), a rise from $8,562 (7,010 kilos) the earlier yr. This surpasses losses from different client frauds, similar to romance scams or buy scams.

Screenshot of the report from Lloyds Financial institution. Supply: Lloyds Financial institution