Santander: We Have Observed a 61% Increase in Celebrity-linked Crypto Scams

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Santander Bank analysts have said that the number of crypto scams associated with famous personalities increased by 61% in January-March compared to the fourth quarter of 2021, Bloomberg reports.

According to the bank, the average losses in each such episode in annual terms increased by 65%, to $14,540, and the total damage exceeded $2.45 million.

Chris Ainslie, head of Santander’s UK fraud risk management unit, has added:

“We are seeing an alarming rise in ‘celebrity-approved’ crypto scam cases.”

The growth by the end of the year could be 82% based on the current rates.

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