THE public have been warned of a scam currently circulating in Gwent and across South Wales.

Gwent Police have issued a warning advising people to be cautious online, following reports of a cryptocurrency scam in the area.

A spokesman for the force said:

“Victims have been asked to click on a cryptocurrency investment advert by a known person, only to be have been misled into making a fraudulent transaction.

“We are advising caution when communicating on social media, particularly when asked by a friend to click on a cryptocurrency investment advert.”

What is cryptocurrency?

A cryptocurrency is a digital or virtual currency which is secured by cryptography.

Supporters say this security makes cryptocurrency nearly impossible to counterfeit or double-spend.

Bitcoin, Litecoin, and Ethereum are some of the most well-known examples, but as more emerge some may be tempted to invest – and should be wary of scams such as this.

What should I do if targeted by this scam?

People are advised caution when using social media and take a moment to consider before they click a hyperlink – even if they believe it has been sent by someone they know.

Gwent Police have asked anyone who thinks they have been targeted by this cryptocurrency scam to contact them.

People can call the force on 101 or message Gwent Police directly on Facebook or Twitter.