Cyber and Fraud Hub launches guide on avoiding crypto scams 

The Cyber and Fraud Hub has launched a new guide to help investors avoid cryptocurrency scams.  

The guide, which was developed in collaboration with Police Scotland and cryptocurrency platform Coinbase, is designed to increase public awareness of common cryptocurrency scams.  

In 2024, the national cybercrime and fraud reporting centre Action Fraud received 25,843 reports related to investment fraud, with 66 per cent of those reports concerning cryptocurrency.  

“Whilst the volatility of cryptocurrency can seem to offer innovation and opportunity, it can also attract organised criminals who exploit the public’s curiosity and trust,” said Alex Dowall, chief executive of the Cyber and Fraud Hub. “With cryptocurrency scams increasing year on year, this guide brings together insights from the police service and industry to help people recognise the warning signs, stay safe online, and report suspected fraud.” 

The publication will include an overview of cryptocurrency, so investors know the risks involved and some practical steps for verifying legitimate cryptocurrency investment schemes. 

The cryptocurrency trading platform Coinbase provided industry specific insights on secure trading practices, safe storage of digital assets and how to identify and report suspicious activity to the guide in an effort to ensure the information provided reflects the latest in industry best practices. 

“Partnership is key in tackling cyber-enabled crime,” said Detective Superintendent Richy Taylor from Police Scotland. “By working with the Cyber and Fraud Hub and Coinbase, we aim to empower the public to make informed choices and reduce the harm caused by digital fraud.”