Jersey police warn of crypto fraud after islander loses £700,000 to scammers

Cryptocurrency is a form of currency stored online in a "digital wallet". Credit: ITV Channel

Jersey Police are warning islanders to be vigilant about cryptocurrency fraud.

It comes after one islander lost £700,000, after investing in an online crypto scam.

This brings the total reported losses to this type of crime to £1.8 million in this year alone.

Cryptocurrency is a form of currency stored online in a "digital wallet".

Legitimate cryptocurrency can be turned into cash by the owner of the digital wallet if they transfer the crypto into a bank account.

However, Jersey Police want to raise awareness about scammers who take advantage of the anonymity and decentralised nature of cryptocurrencies.

A spokesperson said: "We need to ensure the public are as aware as they can be about these frauds so they can keep themselves safe and not fall victim to these scams.

Red flags include, high pressure sales tactics, guarantees of high returns, too good to be true offers and silence from scammers after you've invested. While it's virtually impossible to get any money back from crypto fraud, Jersey Police urge any victims to act quickly and to contact their bank straight away as you could be targeted again.

Want to find out more about the stories making the headlines? Don't miss Channelcast - the Channel Islands current affairs podcast brought to you by ITV News: