Crypto scams in the UK — how to spot them and report them
Quick answer: Be suspicious of guaranteed profits, celebrity endorsements, cold messages on WhatsApp or Instagram, and anyone rushing you. Check the FCA register and warning list before sending money. Report fraud to Action Fraud.
Scammers love crypto because payments are hard to reverse. This guide lists the warning signs in plain English so you can protect yourself and your family.
Common scam types
Fake investment platforms show false profits until you try to withdraw. Phishing steals login or wallet credentials. Romance fraud builds trust before requesting crypto transfers. Airdrop and wallet-drainer scams trick you into signing malicious transactions. Clone firms impersonate real FCA-registered businesses.
Red flags
Guaranteed high returns, unregistered firms, pressure to invest quickly, requests for remote access to your device, and anyone asking for your seed phrase or private keys. Check the FCA register and warning list before transferring funds.
How to report
Report crimes to Action Fraud (the national reporting centre for England, Wales and Northern Ireland). Report unauthorised firms and misleading promotions to the FCA. If you paid by bank transfer, contact your bank immediately — they may participate in APP fraud reimbursement where applicable.
Recovery scams
After a loss, fraudsters may pose as recovery agents demanding upfront fees. Legitimate law enforcement and regulators do not charge to investigate your case. Be wary of cold calls offering to retrieve lost crypto.
Frequently asked questions
Can I get my crypto back after a scam?+
Recovery is difficult because blockchain transfers are usually irreversible. Report promptly — police and banks may act in some APP fraud cases.
Are celebrity crypto ads safe?+
Not necessarily. Promotions must still be FCA-approved. The FCA has taken action against misleading influencer promotions.