Looking to invest your money? Make sure you don't get caught out

Officers from the North East Regional Organised Crime Unit (NEROCU) are warning the public after reports of fraud by investing money in a cryptocurrency investment platform called Coscoin.

Coscoin, which is also known as Cos or Cosetek, claims to be a platform where people can double investments quickly.

However, reports to police from people across the UK have seen people unable to access or withdraw their money since the end of November.

In the North East, 78 victims have come forward with a total loss of £214,869 – with an average loss £2.9K.

The structure of Coscoin, believed to be based in Washington in the US, appears to also incentivise users to recruit further people to the platform in what appears to be a Ponzi/Pyramid scheme.

Officers from NEROCU’s Economic Crime Team have also seen similar reports of different companies offering a product similar to Coscoin and want to remind the public that all investments carry a degree of risk and you shouldn’t invest money that you cannot afford to lose.

Detective Inspector Paddy O’Keefe, leading the Economic Crime Team, said: “We’re urging people to be cautious in how and if they invest their money.

“There are those out there looking to exploit others and steal their hard-earned money to increase their illicit gains.

“When it comes to money, it might sound repetitive but, if it sounds to good to be true it probably is.

“Criminals will also create scams promising to recover investments so please avoid any instances where you could be victim to further frauds linked to your original loss.”

If you have been impacted by this and feel that you have been victim of a fraud please report to Action Fraud.