Police officers in Poole have issued a warning over cryptocurrency after one resident lost thousands of pounds to fraudsters.

The Poole Neighbourhood Policing Team (NPT) says it has seen an increase in cryptocurrency investment scams in which victims experience a “considerable loss of savings”.

On Tuesday, October 24, PCSO Matt and Sam reportedly conducted a safeguarding visit to an address in the area where a victim had lost £8,500.

Following the visit, the NPT shared a warning on Facebook. They wrote: “Cryptocurrency is a form of digital asset/currency based on a network.

"Fraudsters encourage vulnerable victims to invest in Bitcoin and other Cryptocurrencies with promises of a considerable return, requesting a percentage of money upfront through fake mobile apps, online games and scam emails.

"This then falls through or the victim never hears from the fraudsters again. They are often untraceable, working from abroad and banks are unsuccessful in returning the funds.

"Don't assume professional websites are real, don't be rushed or pressured into making a decision and if you're thinking about making an investment, obtain independent advice, researching the company first.

"Cryptocurrency is NOT regulated by the FCA, so there is no protection for consumers and a bank is highly unlikely to refund monies lost.”

Action Fraud says the scam is carried out by people who cold call and use social media platforms to advertise get-rich-quick schemes involving investment in cryptocurrencies such as Bitcoin.

As a warning it says: "Fraudsters will convince victims to sign up to cryptocurrency investment websites and to part with their personal details such as credit card details and driving licences to open a trading account. The victim will then make an initial minimum deposit, after which the fraudster will call them to persuade them to invest again in order to achieve a greater profit.

"In some cases, victims have realised that they have been defrauded, but only after the website has been deactivated and the suspects can no longer be contacted."

If you feel you have been a victim of a scam or fraud you can report it to Action Fraud at https://www.actionfraud.police.uk/ and to Dorset Police via the reporting tool on the website https://www.dorset.police.uk/