UK bank Lloyds issues 'urgent warning' on rising threat of crypto scams

Lloyds, a mainstream retail and commercial bank in the UK, has issued an "urgent warning" about the growing threat of cryptocurrency fraud. The UK bank points out that cryptocurrency investment fraud has increased by 23% this year, with victims losing an average of £10,741 ($13,343), more than any other type of consumer fraud. The bank stated: "Cryptocurrency is a high-risk asset category and is essentially unregulated, making it an attractive field for fraudsters to exploit. If there is a problem, you are unlikely to get your money back."