The Financial Services and Markets Authority (FSMA) reported a 44% increase in fraud complaints in the first half of 2024, totaling 1,332 consumer reports.

Half of these complaints were linked to cryptocurrency scams and fraudulent trading platforms. "Recovery room" fraud saw a 59% increase, targeting victims of previous scams with false recovery promises.

The FSMA also highlighted concerns over prop trading firms exploiting consumers through expensive mandatory courses.

In the first six months of 2024, 52.3% of reports were from consumers who lost money due to investment fraud.

The remaining reports were inquiries about suspicious activities or market participants.