A Nottinghamshire woman in her 60s became the latest in a long line of victims after fraudsters impersonating Martin Lewis duped her into a sophisticated crypto scam. The heart-wrenching story involves an advert seemingly endorsed by the renowned money expert and broadcaster Martin Lewis.
Fraudsters Manipulate with Sophisticated Approach
The advert caught her attention and persuaded her to click, leading to a devastating outcome. The scheme promised lucrative returns on a Bitcoin investment. Martin Lewis, a trusted personality, supposedly promoted it. However, Martin Lewis had previously emphasised that he doesn’t engage in investment endorsements or advertisements, denouncing the claim.
After inputting her details, the woman received an instant call. The person on the other end promised to connect her to a financial advisor ready to manage her investment for a £250 fee. Eager for financial growth, she complied, making a considerable investment thereafter and keenly monitoring her progress via a dedicated app.
Sudden Realisation of Fraud Activity
The app displayed different cryptocurrency rates, misleading her about the progress of her investment. Later, she faced the horrific reality of falling victim to a crypto scam — an empty balance and a loss of over £24,000. Sadly, the woman had been viewing cryptocurrency rates, not her account balance.
Alerted by this, Nottinghamshire police, who have received an alarming number of similar fraud reports, stated that crypto scam cases are skyrocketing. The scenario involves fraudsters vanishing after obtaining upfront payments from their victims.
Nottinghamshire Police Issues Fraud Prevention Warning
In July, police noted a spike in fraud cases with 41 recorded instances, a rise from 30 and 28 in the preceding months of May and June. This unsettling trend includes a heartbreaking story of an elderly couple deceived into parting with £56,000 over seven months, lured by the false promise of substantial Bitcoin investment returns. The couple cited the fraudster’s politeness and persuasive skills as the reason they fell for the scam.
Another nearly devastating case involved a vulnerable individual who narrowly escaped being swindled out of £70,000 — thanks to her bank’s timely intervention.
Detective Urges Vigilance and Fraud Awareness
Detective Sergeant Tara Clapperton from Nottinghamshire Police’s fraud team is urging the UK public to be cautious with online investments. She pointed out the widespread nature of investment fraud in the UK.
The cost-of-living crisis boosts crypto scam risks. Many seek fast financial returns. The detective warns against fraudster tactics, old and new. They urge public vigilance and detailed research before investing.
Reiterating the essence of being cautious, she advised adhering to the “Take Five to Stop Fraud” guidelines to safeguard oneself and one’s finances from fraudsters. It’s a reminder that if an investment seems too good to be true, it probably is.
Victims of fraud are encouraged to report to Action Fraud, the national centre for fraud reporting in the UK, either online or via phone. Reporting helps in building a national picture and aids in fraud prevention, safeguarding others from becoming victims.
Approach online investments critically to shield yourself from becoming a fraud victim. Leveraging fraud prevention resources and maintaining high fraud awareness can be your protective shield against the devastating impacts of fraud. Remember, it’s always better to be safe than sorry when it comes to protecting your hard-earned money. Remember, it’s always better to be safe than sorry when it comes to protecting your hard-earned money.
