PSNI warns public after millions lost to cryptocurrency fraud in Northern Ireland

Police have issued a stark warning after victims across Northern Ireland lost more than £5 million to investment scams, with some people losing their entire life savings to sophisticated online criminals.

The alert from the Police Service of Northern Ireland comes after investigators linked a growing number of cases to fraudulent cryptocurrency investment schemes, where scammers build relationships with victims before persuading them to invest increasing amounts of money.

Despite fewer reports being made to police, the financial losses suffered by victims have surged dramatically, raising concern among officers working to combat economic crime.

Millions lost despite fewer reports

According to police figures, between April 2024 and April 2025, there were 192 reports of investment fraud in Northern Ireland, with total losses reaching £3,680,161.33.

However, from April 2025 to the present, there have been 142 reports, yet the financial loss has jumped to £5,056,486.54.

Police say this trend shows that although fewer cases are being reported, the amount of money being lost in each scam is increasing significantly.

Detective Chief Inspector Uel Boyd from the PSNI’s Economic Crime Unit said the impact on victims can be devastating.

“Unfortunately we have witnessed a few cases recently where there has been staggering losses for the victims involved - in some cases they have lost all of their life savings to criminals operating online.”

He added that scammers are becoming increasingly sophisticated in how they target people.

“These criminals are highly organised, and extremely convincing – often building relationships with people online before persuading them to invest money in what appears to be legitimate investment opportunities.”

How the scams typically work

Police say fraudsters often present high-return cryptocurrency investments, encouraging victims to transfer money while sharing personal or financial information.

Once victims invest, they are frequently pressured to invest more or keep their money locked in for longer, with promises of larger returns.

In reality, the schemes are designed simply to extract as much money as possible.

“No matter how the promise of a high financial return is presented, the aim for criminals is always the same – to get you to invest more or for longer,” Detective Chief Inspector Boyd said.

Police recently received a report of a particularly large cryptocurrency scam last month, involving what officers described as “a massive, life changing sum of money.”

Emotional toll on victims

Officers say the damage caused by investment fraud extends beyond financial loss.

“Not only is there the huge financial hit, but there’s also the emotional distress and devastation that has been caused by a loss of this scale,” Boyd said.

He urged people to be cautious if an investment opportunity appears unusually lucrative.

“If an investment opportunity sounds too good to be true, it almost certainly is.”

Advice for avoiding investment scams

Police are encouraging anyone considering an investment to research the person or company offering it and verify their credentials through official registers.

Anyone offering investment services in the UK, including cryptocurrency investments, should be registered with the Financial Conduct Authority.

“If a company or broker cannot be verified, people should treat the investment opportunity with extreme caution,” Boyd said.

He added that simple checks can help identify fraudulent schemes before any money is lost.

Stop. Check. Report.

Police say the most effective way to avoid falling victim to fraud is to follow three simple steps:

Stop – Do not transfer money or share personal details with someone you do not know. Genuine businesses will not pressure you to act quickly.

Check – Verify who you are dealing with using trusted sources, such as the Financial Services Register.

Report – If you believe you have been targeted or have lost money, contact police immediately by calling 101, notify your bank, or report the fraud online.

The PSNI says it continues to work with partners including banks through the ScamwiseNI Partnership to raise awareness and help people protect themselves from fraud.

At a glance

• Police have issued a warning about cryptocurrency investment scams targeting people in Northern Ireland.

• Victims lost over £5 million to investment fraud between April 2025 and now.

• This compares with £3.68 million lost between April 2024 and April 2025.

• Although fewer cases were reported, the average financial loss has increased.

• Some victims have lost their entire life savings, police say.

• Scammers often build relationships online before encouraging investment.

• Fraudsters typically promise high returns from cryptocurrency investments.

• Police urge the public to verify companies through the Financial Conduct Authority register.

• Victims are encouraged to report fraud immediately to police on 101 or online.