POLICE are warning residents to be extra vigilant after a number of reports of a widespread scam.

North Yorkshire Police is warning people about adverts on social media or recommendations from 'friends' who claim you can make a fortune in crypto currency.

Andy Fox from North Yorkshire Police's, financial abuse safeguarding officer, in the economic crime unit said: "We have received a few reports lately where victims have seen adverts either recommended by friends or endorsed by celebrities - Holly Willoughby and Phillip Schofield being a common one - who claim they can make a fortune in Bitcoin or other crypto currency.

"The advert encourages the victim to register their details and they are contacted shortly afterwards by an 'Account Manager' who will initially encourage a small investment and then claim this initial investment is growing and you should invest more.

"This is a scam and you will lose your money.

"The price of Bitcoin has fallen by nearly 40% over the past year and by nearly 16% in the past week alone.

"There is no 'get rich quick' scheme and unfortunately I have seen victims go bankrupt as a result of this scam.

"Please ignore such adverts or any 'friend' recommendations."