Fake Cryptocurrency Emails Circulating
There have been thousands of Cryptocurrency Fake Emails sent out to retail investors, traders and brokerages alike claiming to be the United Kingdom Financial Conduct Authority. The FCA has officially stated that this email wasn’t sent from their offices. The mass email was sent by crypto hackers, claiming that Bitcoin could reach a valuation of $20k by the end of 2020 and that by following a series of steps, clients would be able to get their Bitcoins up to that estimation.
Additionally, three other scam emails were circulating. One is claiming to resolve overdue balances, another offering business updates and the final one showing falsely accused blacklisted firms. Typically, these scammers will implore unique software that allows for emails to come off as genuine. The emails usually have an email that will take them to a fake version of the FCA’s website, where the scammers will then steal financial and personal information. This collected information can be used to commit fraud on a significant scale.
The FCA & Scammers
The authentic Financial Conduct Authority in the United Kingdom has issued a statement on their website that informs readers that they should delete the email without ever opening in. In the post, the FCA also indicates details as to how people can accurately find the email without confusing it for an official email. The FCA states that people should be wary of the email or phone number associated with the email, make sure that neither are foreign from the United Kingdom.
Recently, the United Kingdom watchdog has noticed a significant rise in inquiries regarding cryptocurrency. Most of these inquiries aren’t positive, but instead negative and relating to scams. Scammers are becoming ever more apparent in the global cryptocurrency markets. The involvement of scammers is a catch twenty-two, as it shows that the cryptocurrency market is growing. New industries always attract criminals, and the way that law enforcement handles those criminals will define the market on a long-term scale.
The Financial Conduct Authority is determining if a ban on crypto futures, contracts-for-differences and options are required for a short period. This would guarantee that scammers would leave the market. However, the attraction of foreign brokerages within their England and the United Kingdom will always cause some level of scammers to be present. Ultimately, a ban would be pointless.