A major bank has issued a warning about crypto investment scams, with victims standing to lose more than £10,000 on average and young adults often being particularly at risk. Lloyds Bank has recorded a 23% rise in reports of cryptocurrency investment scams by customers in its banking group (including Lloyds Bank, Halifax and Bank of Scotland) between January and September 2023, compared with the equivalent period last year. Victims are losing £10,741 on average, up from £7,010 last year, the bank said, with many of the scams it analysed originating on social media. The most common age range for crypto scam victims is 25 to 34 years old, Lloyds said. Would-be crypto investors typically make an average of three payments before they realise they have been scammed, taking around 100 days from the date of the first transaction before they report it to their bank, Lloyds added. Crypto is a highly risky asset class and remains largely unregulated, which makes it an attractive area for fraudsters to exploit Liz Ziegler, Lloyds Bank Fraudsters often pose as investment managers, promising that any payments made by the victim will be invested on their behalf, often with the promise of huge returns. Sometimes the victim will be shown a fake investment account, suggesting that the funds are already making a profit, or a small amount of money will be transferred back into their bank account. But often there is no genuine crypto holding and the fraudster will disappear. In some cases, there will be an actual investment account held in the victim’s own name and registered with a legitimate platform. But once funds have been deposited, victims may be tricked into handing over their account login details, or passing control of their digital wallet over to the fraudster. They might also be directed to transfer cryptocurrency from within their own account to another digital wallet, which is under the control of criminals. Liz Ziegler, fraud prevention director at Lloyds Bank, said: “Crypto is a highly risky asset class and remains largely unregulated, which makes it an attractive area for fraudsters to exploit. If something goes wrong, you’re unlikely to get your money back.” Here are Lloyds’ tips for protecting yourself from crypto fraudsters: – Criminals often put adverts for scam crypto investments on social media. They can also send offers by direct message. They will promise returns that you cannot get elsewhere or make claims about “guaranteed” profits. If you are contacted out of the blue about an investment, it is likely a scam. – Fraudsters can easily set up fake companies, social media profiles and websites to clone real firms. Use the Financial Conduct Authority (FCA) website to find genuine contact details for a company and check for warnings about fake firms. Always do your own research or seek professional financial advice. – Never share the log in details for your investment account or your private cryptocurrency keys with anyone else. A legitimate firm would never ask you for this. Remember, if you transfer funds to another account that is not in your name, you have lost control of your money. – Fraudsters may ask you to pay an account in a different name to the company you are meant to invest with. If the names do not match, it is a sign of a scam. Paying by card (rather than a bank transfer) may offer you more protection if something goes wrong. Read More Council investigating extent of cyber attack that affected website and systems Setback for Ireland as EU legal adviser recommends revisit of Apple tax case Smartphones ‘may be able to detect how drunk a person is with 98% accuracy’ Ireland and Apple await major development in long-running EU tax dispute Guidance urges parents not to buy smartphones for primary school children William ‘blown away’ by futuristic technology from Singapore start-ups

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Flat Earther David Weiss was left humiliated after debating a professor on the shape of our Earth. Weiss regularly interviews people on the subject on his show The Flat Earth Podcast, but threw himself into unfamiliar territory last year when he switched out being the interviewer for the interviewee. Weiss appeared on Professor Dave Explains in an episode title 'Professor Dave Humiliates Flat Earthed David Weiss'. During the hour long episode the pair debated Flat Earth believes, with Weiss claiming that the shape of the Earth came from astronomers who Professor Dave "doesn't know". "You've never met these men, you don't know anything about these men other than the stories that the controllers of this world tell you," Weiss told the academic. Like most Flat Earthers Weiss seemed to have an answer for everything, well, almost everything. Because when the discussion arrive at Earth's movement within space, Weiss struggled. "You think that we're spinning at 1000 miles an hour, and we don't feel it? And we're changing directions?" Weiss said on Earth's orbit. "How is that possible? How about when the Earth comes around towards the Sun in the winter, it's speeding up and taking its sharpest turn, and we don't feel any go those forces?" Naturally, Professor Dave made counterpoints at Weiss' argument. "Why don't you go ahead and get in a car, and do a 360 turn and make it take a year. Are you going to feel that?" Professor Dave asked Weiss, who acknowledged that it takes a year for the Earth to travel around the Sun. "Let's break it down," Professor Dave continued. "360 degrees, 365 days, that's about a degree a [day] right? Why don't you get in a car and drive for 24 hours, and over 24 hours veer by one degree. Are you going to feel that?" Professor Dave Humiliates Flat Earther David Weiss (DITRH Debunked Live) www.youtube.com Weiss was silent after this, with the participants on the Zoom call bursting out into laughter from Weiss' inability to respond. Weiss' humiliation now has over 4 million views. Sign up to our free Indy100 weekly newsletter Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

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