The spike in fraudulent activity has largely been attributed to the misuse of social media platforms, such as Facebook, Twitter X, and the Threads app.

These figures, however, are likely to represent only a fraction of the true scale of the issue, as they don’t account for unreported instances or those referred directly to the police.

Throughout Q1 of this year, reports of cryptocurrency fraud doubled, with 18 Scots falling victim to such scams. This represented a 100% increase in both the number of cases and the overall loss compared to the previous quarter.

Criminals have been found to use social media ads with false celebrity endorsements to entice individuals into crypto investments, promising unrealistic returns. An Aberdeen resident fell prey to such a scheme, losing approximately £10,000.

Alongside this, other forms of online scams increased by 32%, with common scams including impersonations of loved ones, “Hi Mum/Hi Dad” scams, and gift card fraud. The true scale of the problem is likely to be worse than indicated, as the figures do not account for unreported cases or those directly reported to the police.

Advice Direct Scotland emphasises the importance of due diligence before making any investments, advising consumers to check company credentials with the Financial Conduct Authority and to be wary of high-pressure tactics and excessive promises of returns. The organisation also encourages the reporting of suspected scams through its Scamwatch service.

Lyndsay McFee, consumer project lead at Advice Direct Scotland, said: “Unfortunately, we are aware that Scots have lost more than £120,000 to fake cryptocurrency schemes in the space of three months.

“However, this is a significantly underreported problem, and there may be many more victims of such scams. Scammers are constantly seeking new opportunities, including through social media, to target Scots and acquire personal information, bank details, or money.

“It is crucial to stay vigilant while using both new and existing apps or websites. One key thing to remember is that if something sounds too good to be true, then it probably is. Always thoroughly research any financial product or firm you are considering dealing with.

“People should not feel pressurised or rushed into making a purchase as this can be a clear sign of a scam. Never pay to recover any money as this is likely to be part of a larger fraud.

“The most effective way to stop scammers in their tracks is to report a scam to scamwatch.scot when you see one.”