One of the Big Four banks in the United Kingdom, Lloyds (LON:) Bank, has said that reports of cryptocurrency investment scams by victims have surged by 23% in the current year compared to the same period in 2022.

According to a press release published by Lloyds Bank, an increasing number of investors face the threat of falling victim to fraudulent schemes through a wave of fake advertisements posted on social media. Each victim of a cryptocurrency investment scam is losing an average of $13,115 (10,741 British pounds), an increase from $8,562 (7,010 pounds) the previous year. This surpasses losses from other consumer frauds, such as romance scams or purchase scams.

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