What's going on
Cryptocurrency scam calls are one of the fastest growing fraud types in the UK. Someone phones you, often sounding sharp and professional, and tells you about an investment opportunity in Bitcoin, Ethereum, or another cryptocurrency. They promise returns that sound incredible. Some will say 20% a month. Others will talk about doubling your money in weeks. None of it is real.
UK investment scam losses reached £221 million in 2025, a 40% jump on the year before. Crypto fraud now accounts for the majority of those reports, according to the FCA. The regulator says that complaints about crypto scams have more than doubled since 2020. Criminals run these operations from overseas call centres, building websites that look professional and showing fake dashboards where your "investment" appears to be growing. It is not. The money goes straight into accounts controlled by the scammers, and within hours it is gone.
What these calls sound like
The scripts vary, but the pitch follows the same pattern. A caller who sounds like they know what they are talking about offers you a time limited opportunity to invest in crypto. Here are some examples based on real reports to Action Fraud.
"Hi, I'm calling from [company name] about an investment opportunity. Are you aware that Bitcoin has gone up over 150% in the last year? We're offering a managed portfolio starting from just £250. Our clients are seeing returns of 25 to 30% per month. I can set you up today if you have ten minutes."
"Good afternoon. I'm your assigned account manager at [company]. You registered on our platform last week. I can see your account is set up and ready to go. We just need an initial deposit of £250 to activate your trading bot. It trades automatically, so you don't need to do anything."
"I'm calling because you expressed interest in cryptocurrency through one of our partner sites. I need to tell you that the window for this particular opportunity closes at 5pm today. If you want in, we need to move quickly. I'll walk you through the deposit now."
"Great news. Your initial £250 has already grown to £1,400. I'd recommend topping up your account to £5,000 so we can move you to our premium tier. The returns are even better at that level. I can take a card payment now or you can do a bank transfer."
Where do they get your number?
Many of these calls start because you filled in a form online, often a quiz, survey, or sign up page that asked for your phone number. Your details get sold to criminal networks who share them across multiple scam operations. Data from old breaches is another common source. If you have ever entered your number on a website offering free Bitcoin, guaranteed returns, or celebrity endorsed investments, that is likely how they found you.
How the scam works, step by step
Crypto investment scams are well rehearsed operations. They unfold over days or weeks, not minutes. Understanding the full process makes it much easier to spot what is happening.
1. The first contact
You get a call from someone who sounds knowledgeable and confident. They claim to work for a crypto investment firm or trading platform. The company has a name that sounds legitimate and a website to match. They ask if you have ever thought about investing in cryptocurrency and mention recent price rises to get your attention. The initial ask is always small, usually £250, because that amount feels low enough to take a chance on.
The £250 trap
Almost every crypto scam call starts with a request for £250. That amount exists for a reason. It is low enough that most people will not agonise over it, but high enough to be worth the scammer's time. Once you pay the first £250, you are in their system, and the requests only get bigger from there.
2. The fake platform
After you pay, they send you login details for a trading platform. The website looks real. It has charts, graphs, and a dashboard showing your balance. They might even install remote access software on your computer so they can "help you" navigate the platform. Over the next few days, your dashboard shows your £250 growing into £800, then £1,400, then more. None of it is real. The numbers on the screen are completely made up. The platform is controlled by the scammers and they change the figures to show whatever they want.
3. The bigger ask
Now they call back. Your "account manager" congratulates you on the returns and suggests you put in more. They talk about moving you to a premium tier, or say that a particular coin is about to surge and you need to get in now. Some callers are pushy. Others are patient and friendly, building a relationship over weeks. The amounts go up. £1,000. £5,000. £10,000. People have lost their entire savings this way. The callers keep going until you either run out of money or start to suspect something.
4. You try to withdraw
This is when the truth comes out. You ask to withdraw your money and suddenly there are problems. They tell you there is a tax liability that needs to be paid before funds can be released. Or an insurance fee. Or a blockchain verification charge. Each time you pay, another fee appears. Eventually the calls stop, the website goes offline, and the company vanishes. Your money was never invested in anything. From the moment you made your first deposit, it went straight into accounts controlled by the criminals.
The "withdrawal fee" trick
If a firm asks you to pay a fee before you can access your own money, that is the clearest possible sign of a scam. No legitimate investment platform charges you to withdraw your funds. Some scammers demand thousands in fake taxes or insurance before they will release anything. They are not going to release anything. Every payment you make at this stage is more money lost.
Red flags that give the scam away
Signs it's a scam
- • You were contacted out of the blue by phone, text, or social media
- • They promise guaranteed or very high returns
- • You are pressured to invest quickly ("the window closes today")
- • The firm is not on the FCA Financial Services Register
- • They ask you to install remote access software on your computer
- • Withdrawing your money requires paying a fee upfront
- • They use celebrity names or endorsements in their adverts
What a legitimate firm does
- ✓ Will be listed on the FCA Financial Services Register
- ✓ Will never cold call you offering investments
- ✓ Will explain the risks clearly and honestly
- ✓ Will never guarantee returns on any investment
- ✓ Will let you withdraw your money without demanding fees
- ✓ Will give you time to think and will not pressure you
- ✓ Will have a verifiable UK office address and company number
Check the FCA Warning List before you invest
The FCA Warning List is your first line of defence
The FCA maintains a Warning List of firms that are not authorised or registered to operate in the UK. Before you invest with any firm, search for their name on the FCA Warning List at fca.org.uk/consumers/warning-list-unauthorised-firms. If they are on the list, do not give them any money. If they are not on the register at all, treat that as an equally bad sign. Firms that offer crypto products in the UK must be registered with the FCA.
Search the firm
Look up the company name on the FCA Warning List and Financial Services Register.
Call the FCA
Ring 0800 111 6768 if you are unsure whether a firm is legitimate.
Walk away
If the firm is not registered, do not invest. It does not matter how good the opportunity sounds.
Lost money to a crypto scam? Do this now
Contact your bank straight away
If you paid by bank transfer, call your bank and tell them you believe you have been the victim of a scam. Ask them to try to recover the payment. The sooner you call, the better the chance they can freeze the receiving account. If you paid by debit or credit card, ask your bank about chargeback or Section 75 claims.
Report it to Action Fraud
Report the scam at reporting.actionfraud.police.uk or call 0300 123 2040. This creates a police record and feeds into the National Fraud Intelligence Bureau. In Scotland, report to Police Scotland on 101 instead.
Report the firm to the FCA
Call the FCA on 0800 111 6768 or use their online contact form at fca.org.uk. Your report helps the FCA add the firm to their Warning List, which protects other people from falling for the same scam.
Watch out for recovery scams
After you have been scammed, other criminals may contact you claiming they can get your money back for a fee. This is called a recovery scam and it is the same criminals, or others who have bought your details, trying to take more money from you. The FCA warns about this specifically. No legitimate company will charge you upfront to recover lost crypto funds.
Why you have almost no protection
This is the part that catches people off guard. Unlike bank accounts, ISAs, or FCA regulated investments, most crypto activity sits outside the UK's financial safety net. Here is what that means in practice.
No FSCS protection
The Financial Services Compensation Scheme covers you if an FCA regulated firm goes bust. It does not cover crypto investments. If the firm taking your money is not authorised by the FCA, the FSCS cannot help you (FCA, Crypto Investment Scams guidance).
No access to the Financial Ombudsman
If a bank treats you unfairly, you can complain to the Financial Ombudsman Service. That option does not exist for most crypto disputes because the firms involved are not regulated by the FCA. You have nowhere to escalate a complaint.
Crypto transfers are hard to trace
Once your money has been converted to crypto, it can be moved across borders in seconds and split between dozens of wallets. That makes it extremely difficult for police or your bank to trace or recover. This is exactly why scammers want you to pay this way.
Firms vanish overnight
Scam firms regularly change their name, take down their website, and reappear under a new brand the following week. The FCA Warning List grows constantly as new names are added and old ones disappear. By the time you realise something is wrong, the firm you gave money to may no longer exist in any traceable form.
Source: FCA, "Crypto investment scams" (updated February 2026). The FCA states that most crypto activities are not regulated in the UK and that consumers generally will not have access to the FSCS or the Financial Ombudsman Service.
Tactics they use to reel you in
Crypto scammers are skilled at keeping people on the hook. Here are the most common tricks they use once they have your attention.
"Martin Lewis recommends this"
They use fake celebrity endorsements to add credibility. Martin Lewis, Elon Musk, Jeremy Clarkson, and others have all had their names and images used without permission. Over £10 million was lost in 2024 alone to scams using celebrity endorsements, according to Action Fraud. None of these people are involved.
"Just start with £250"
The low initial amount is not a sign that the risk is small. It is the entry point to a much larger extraction. Once you have paid £250, the calls keep coming, the fake returns look impressive, and the pressure to put in more builds with every conversation.
"Let me connect to your computer"
They ask you to install remote access software like AnyDesk or TeamViewer so they can "show you the platform". Once connected, they can see everything on your screen, including your banking details, passwords, and personal files. Some will access your bank account directly while you watch the fake dashboard.
"This offer closes today"
Urgency is one of their best weapons. They want you to hand over money before you have time to think, check the FCA register, or talk it over with someone you trust. A legitimate investment will still be available tomorrow. If anyone tells you the opportunity will disappear if you do not act now, that is a reason to walk away, not a reason to rush.
Where to report
Your Bank
If you paid by bank transfer or card, contact your bank straight away. The sooner you call, the better the chance of recovery.
Action Fraud
The national fraud reporting service for England, Wales, and Northern Ireland
FCA
Report the firm to the Financial Conduct Authority to help protect others
Police Scotland
If you live in Scotland, report fraud directly to Police Scotland
Frequently Asked Questions
Is all cryptocurrency a scam?
Can I get my money back if I paid by bank transfer?
Are those celebrity Bitcoin adverts real?
Someone is offering to recover my lost crypto. Is that legitimate?
How can I invest in crypto safely?
Why do scammers ask me to install AnyDesk or TeamViewer?
Golden Rules for Avoiding Crypto Investment Scams
- No legitimate firm will cold call you about crypto investments
- If returns sound too good to be true, they are
- Check the FCA Warning List and Financial Services Register before investing
- Never let a caller install software on your computer
- Celebrity endorsements in crypto adverts are fake
- Never pay a fee to withdraw your own money
- Most crypto is not covered by the FSCS
- Anyone offering to recover your lost crypto is also a scammer