A British instructor loses #120K within an Instagram crypto scam

A 63-year-old British lady has parted ways with her retirement and life savings because of a crypto scam investment strategy.

A British instructor loses #120K within an Instagram crypto scam

The UK’s National Reporting Center for Fraud and Cybercrime has issued a warning note that cryptocurrency investing can be a risky activity.

Citizens Advice and Fraud Action declared the event of Teresa Jackson. Impressed from the Bitcoin investment program on Instagram, the 63-year-old retired teacher started to ponder whether to place some of his cash into it.

She was subsequently contacted by an individual claiming to be a financial adviser with unsurpassed knowledge of Bitcoin. The unnamed man allegedly looked well-deserved and convinced Jackson to spend #120,000, which is actually her retirement and life savings.

Immediately after depositing, she tried to contact “advisor” and assess what happened to her investment, but got no response and the money vanished irrevocably:

Ms Jackson told ITV: “I felt embarrassed and stupid. My family trusts me and thinks I know what I’m doing. I’m currently using Universal Credit, simple as that. I’m comfortable but I can’t have the life I used to have. . “

Ms Jackson’s bank gave her half the money back when she reported the scam to them but was not able to provide the complete sum for her as she had decided to move the money herself.

Action Fraud’s Warning on Crypto Scams

Action Fraud has urged people to be on the lookout for scams linked to cryptocurrencies such as bitcoin.

Fraudsters will call sufferers and use social networking platforms to market’get rich quick’ investments in cryptocurrency mining and trading, they said.

“Scammers will convince victims to register for crypto investment websites and share their personal information like credit card information and driver’s license to open a trading account. The victim will then create an initial minimum deposit, and the scammer will call them to convince them to invest back to be able to get a larger return.

“In some cases, victims realize they’ve been scammed, but only after the website goes down and the suspects can no longer be contacted.”

How to prevent crypto scams

• Don’t assume it is real — professional looking sites, ads or social networking posts don’t always indicate the investment opportunity is true. Criminals can make use of the titles of well-known brands or people to produce their scam seem legitimate.
• Don’t rush or be pressured into making a decision — a real bank or financial institution will not induce you to part with your cash straight away. Always be cautious if you’re pressured to invest fast or promise returns which are too good to be true.
• Stay in management — prevent uninvited investment offers, particularly cold ones. If you are considering investing, seek independent advice and do comprehensive research on the business.

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Important Note: All content on the site is for informational purposes only and isn’t investment advice in any respect. Your cash, the choice is yours.