Urgent warning as cryptocurrency scams on the rise - what you need to know

Cryptocurrency is a digital asset that you can trade or exchange online. It's grown in popularity in recent years, with some investors seeing high returns but cryptocurrency is high risk, very volatile and not regulated, so there's no protection for investors if things go wrong. Advertisement Hide Ad Advertisement Hide Ad This scam will try to see you invest in cryprocurrency but North Yorkshire Police have issued some tips to remember. Over recent months, North Yorkshire Police have seen an increase in cryptocurrency scams. Most Popular 1 Former Whitby man and leading surgeon dies suddenly aged 46 2 IN PICTURES: Here are 14 photos from this year's annual Scalby Fair Fraudsters will contact you by phone or on social media platforms and will advertise investments that don’t really exist or have falsely high returns. They will convince you to sign up with a cryptocurrency provider with your identity documents to open a trading account or online wallet. The fraudsters set up fake but realistic-looking websites and portfolios and will ask you to share access to your account and to download remote access software. Advertisement Hide Ad Advertisement Hide Ad North Yorkshire Police have issued this advice if you think you’ve been targeted. Check how it works - it may differ from a traditional investment and stay in control by never letting anyone set up a cryptocurrency wallet, upload ID documents or manage investments for you Don't share access, fraudsters may ask you to download software so they can access your devices and move money without your knowledge You may be asked to move money and asked to mislead your bank about the reason for making the payment. Fraudsters know these payments may attract more scrutiny and will try to avoid it. Advertisement Hide Ad Advertisement Hide Ad Fraudsters may impersonate famous personalities on social media or messaging groups, to make their offer look legitimate. High value cases even give a return in the short term, to convince you to invest more. Then, after larger payments are sent, you suffer even greater losses. Check out any organisation on the Financial Conduct Authority's register , which you can find here . If something sounds too good to be true, it usually is. If you think you may have fallen victim to a scam, contact your bank immediately and report it to the police on 101. Read More Urgent warning as Ryedale residents fall victim to new ‘remote access’ scam