According to Cointelegraph, Lloyds Bank, one of the four largest banks in the UK, said that in 2023, the number of cryptocurrency investment fraud cases reported by victims surged by 23% compared with the same period in 2022. A press release issued by Lloyds Bank showed that more and more investors are facing the risk of fraud from false advertisements posted on social media. Each victim of cryptocurrency investment fraud lost an average of $13,115 (£10,741), up from $8,562 (£7,010) the previous year. This exceeds the losses of other consumer frauds, such as romance scams or shopping scams. The report shows that individuals aged 25 to 34 account for a quarter of all cryptocurrency fraud victims and are the most affected age group. Criminal organizations use emerging trends to adjust their strategies and deceive more victims into handing over money. Recently, their focus has expanded to young investors who are attracted by the quick wealth brought by cryptocurrency trading. Potential cryptocurrency investors usually make an average of three payments before realizing that they have become victims of fraud. It takes about 100 days from the initial transaction date to report to the bank. Unfortunately, by this time, the bank is usually unable to recover the funds.