Trading standards have been diligently assisting a woman who fell victim to an online scam, losing a substantial £40,000 in the process.
Janet Quinn, the lead officer for scams at the Heart of the South West Trading Standards office, highlighted the escalating menace of online cryptocurrency fraud.
With the backdrop of an ongoing cost of living crisis, Quinn noted, “Cryptocurrency, bitcoin, any form of investment scam is gaining significant traction.”
She explained, “In the quest for quick or effortless earnings, people are turning to these avenues.”
Hailing from Somerset, Lisa, adopting an alias to shield her identity, became embroiled in a cryptocurrency investment driven by the belief that it was endorsed by financial expert Martin Lewis of Money Saving Expert.
Lisa recounted being manipulated by online scammers who proceeded to secure multiple loans using her name.
A representative from Money Saving Expert swiftly debunked the affiliation, clarifying that Martin Lewis neither endorses advertisements nor promotes investments.
“All claims suggesting otherwise are deceptive and part of a scam,” the spokesperson cautioned. Their advice: “If you encounter such content online, do not engage with it, as it might be an attempt to deceive you into divulging sensitive information. Instead, report it for removal.”
Lisa’s journey into cryptocurrency began when she responded to a Facebook advertisement and invested £200 in Bitcoin.
During the subsequent two months, Lisa revealed that she was subjected to relentless manipulation by a scammer, who would call her daily.
“He convinced me that we were business partners,” Lisa recalled. “His grooming led me to place my trust in him. Throughout, I believed it was a genuine Martin Lewis initiative.”
Unbeknownst to Lisa, the scammer fraudulently opened an Experian account in her name and applied for approximately 11 loans using fabricated income details.
A significant sum, around £55,000, appeared in her account, which soon triggered a demand from the scammer for her to transfer the money to him.
In response, Lisa confronted the scammer with inquiries about the source of the funds. This confrontation escalated into an abusive exchange wherein the scammer threatened that non-compliance would result in the loss of her accumulated funds.
Lisa found support from several entities, including the Citizens Advice Bureau, Trading Standards Agency, and law enforcement.
After negotiations, Lisa arrived at a resolution with the loan providers. She is presently repaying over £1,000 monthly for the following five years.
In reflection, Lisa expressed, “I’ve felt incredibly foolish and humiliated.” Her emotional ordeal persists as she recounted, “I still avoid answering calls from unfamiliar numbers. Fear pervades my life. They possess my address and all my contact information.”
Taking precautionary measures, Lisa revised her passwords and changed her bank details, conscious of the potential repercussions.