Irish consumers are being conned out of as much as €50,000 by new crypto-currency scams.

FraudSMART’s warning scammers are creating bogus companies and promising people massive returns on investments.

It says there has been a sharp rise in these ‘get rich quick’ scams.

Today it’s launching a new awareness campaign to highlight the issue.

Brian Hayes from the Banking and Payments Federation says fraudsters are taking advantage of the hype around digital currencies.

“In most cases its an unexpected call, an email or a social media message promising a great return on your investment,” he said.

The finance expert warned you’ll be then taken to “bogus sites”.

“It’ll look like an investment firm but are only there to scam you,” he warned.

“If people are unexpectedly calling, emailing or text you – that’s a sure sign they’re after your money and be aware of that.”

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