A WOMAN has been conned out of a “five-figure sum” after being contacted by someone claiming to be a cryptocurrency trader.

The 38-year-old victim was persuaded to download a mobile app to transfer funds in exchange for cryptocurrency.

This took place a number of times between September and November, with the victim losing a five-figure sum in what was revealed to be a fraudulent scheme.

Cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms.

The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system.

Suitable advice has been provided to the victim and extensive enquiries are ongoing into the incident, which, police say, took place in the Haddington area.

Officers are now warning people to be vigilant with regards to scam calls.

Detective Sergeant Declan Hogg said: “Do not trust any unexpected correspondence and never pass your personal or financial details to anyone, unless you are certain who they are and why they require that information.

“If you feel the need to reply to correspondence to check the authenticity of a contact, please, only use the company’s verified official website and the communication methods detailed upon it.

“Especially where money is being requested, be it physically withdrawing it from the bank or the electronic transferring of it, always, stop, think and check with a friend, relative or neighbour before taking any action.

“Please be careful and vigilant when it comes to financial service providers or adverts on social media offering high-value returns for investments in shares or cryptocurrency.

“If a deal is too good to be true, it usually is.

“Check the company’s details with the Financial Conduct Authority to ensure they are genuine.

“Any victims of such crimes, or anyone with any concerns can contact Police Scotland via 101."