Get-rich-quick hopes are lifeblood of crypto scams | Ireland

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Consumers who accumulated extra cash over the pandemic are all too aware that leaving their money sitting in a bank account will mean inflation slowly erodes their savings. But in their haste to avoid this fate, some are being lured into fraudulent investments and losing every cent of their hard-earned cash.

It’s one thing if a person knowingly puts their money into an ultra high-risk investment, such as cryptocurrencies, but it’s another when they put it into an entirely fraudulent or non-existent investment dressed up to look like cryptocurrencies or commodities and so on.

Figures from the Garda National Economic Crime Bureau (GNECB) show a 67 per cent increase in investment fraud reported last year, with 234 incidents amounting to a total value of

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