From time to time, on the LYDSFUTURES website, we address stories and events of people from different parts of the world who were subjected to a scam in encrypted digital currencies.
Cryptocurrencies do not recognize geographic borders and so the scam stories of people from different geographies are similar.
Most of these victims hoped to improve their financial situation.
Teresa Jackson, a retired teacher from Porteshead, Somerset, Britain, lost her savings in an internet fraud.
A mysterious ‘financial advisor’ convinced her to invest her £120,000 in a bitcoin investment scheme announced on Instagram.
The UK’s National Fraud and Cybercrime Reporting Center has issued a cautionary note that investing in cryptocurrency can be a risky process.
Theresa Jackson liked an Instagram ad offering to invest in bitcoin.
The 63-year-old retired teacher started thinking about whether to put some of her money into this investment plan.
Then, she was contacted by an individual who claimed to be a financial advisor with good knowledge of Bitcoin.
Supposedly, the anonymous man seemed trustworthy as he persuaded Theresa Jackson to invest 120,000 pounds (about $165,000), which was in fact the vessel of her pension and savings.
Shortly after sending the money, I tried to contact the “adviser” and check what happened to her investment, but there was no answer, meaning the money was irreversibly gone. Theresa commented on this by saying:
I felt embarrassed and stupid.
My family trusted me to know what I was doing.
Now I’m at stake, that simple.
I’m relieved but I can’t have the life I used to have.
Ms. Teresa got half of her money back from her bank when she informed them of the scam, and they quickly stopped the transfer.
Meanwhile, the bank was not able to recover the full amount because it transferred the money itself.
Beware of Crypto Scams:
UK authorities have warned of the dangers of cryptocurrency trading.
A leading UK reporting center has exposed scams in which fraudsters advertise attractive investments, but ultimately steal the victims’ money.
Scammers contact victims and use social media platforms to advertise get-rich-quick investments in mining and cryptocurrency trading.
The scammers then convince their victims of the need to register with cryptocurrency investment sites which are usually unknown and open a trading account using their driver’s licenses or credit cards.
But unfortunately, the initial minimum deposit investment is never enough, and criminals start to push the victims to put more and more to make a higher profit.
In many cases, victims realize they have been deceived.
In an attempt to save what can be saved, the victims are trying to recover their money and contact the fraudsters, but to no avail, which is what happened with the British School, the subject of our article.