Warning after islander loses £1.2 million in bogus bitcoin

The Jersey Fraud Prevention Forum (JFPF) is warning islanders to be extra vigilant after an islander lost more than £1 million investing in fake bitcoins.
The man, who was an experienced investor in cryptocurrencies, was scammed by criminals who claimed to work for a legitimate company and, over a period of time, tricked him into investing his life savings. Unfortunately, despite bank intervention, there was no way to recover his money.
JFPF spokesperson Mike Jones, who is the Director of Policy and Risk at the Jersey Financial Services Commission, commented:
“Following this islander’s huge loss, we are warning local residents to be extra vigilant when investing in cryptocurrencies or any investment that seems too good to be true and promises high returns with no risk. Always get independent advice from a professional, and make sure the company you’re dealing with is legitimate.”
The JFPF has also issued the warning in its latest newsletter which is being distributed to all island homes this week and contains valuable information and advice on the latest frauds and scams affecting islanders.
As part of this awareness drive, members of the forum will be on hand at the Jersey Boat Show this weekend to speak to members of the public about frauds and scams and how to protect themselves from falling victim. The team will also be giving out free RFID blocking wallets for contactless debit and credit cards. The joint JFPF and CrimeStoppers stand will be manned between 10:00 and 18:00 Saturday to Monday.