How cryptocurrency scams have boomed under the cover of the pandemic

The Financial Ombudsman Service is now ringing alarm bells. The spread of crypto through social media is something big tech must address, writes James Moore

Cryptocurrency scams have boomed during the pandemic (Getty Images)

There’s been another epidemic percolating under the cover of the one caused by the all-too-familiar coronavirus. Its nasty little brother won’t kill you. But that doesn’t mean it isn’t vicious, damaging and painful.

The Financial Ombudsman Service (FOS) is this morning seeking to draw attention to it with a view to containing its spread. That could prove challenging but it has to at least try.

The body, set up to resolve disputes between consumers and financial services companies, is reporting a “dramatic rise” in complaints about frauds while people have been locked (down) in their homes.