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A few years ago, I bought a small amount of bitcoin. But after having second thoughts, I decided not to invest any further.
I asked for a refund, but it seemed that the account had been ‘frozen’. As it wasn’t a huge amount, I just left it. I’ve since received numerous calls about it and have always just hung up.
However, recently I had a more convincing call, which informed me that this old investment had now grown to £35,000.
I’m assuming this is a scam?
Mr Lawrensen from Fife
'Don't give these crooks another chance'
Michael Tomlinson, Which? money expert, says…
You’re correct – and there are several giveaways. The first is that this was a cold call.
With so few legitimate firms now using this method of marketing, it’s safe to assume that nearly all cold calls aren’t to be trusted.
You can call an organisation back on a trusted number, to check that what you’ve been told is true.
These ‘recovery scams’ are sometimes perpetrated by the original scammers, or other crooks they’ve sold your details to
The second clue is that the caller asked you to deposit another £35,000 to get access to your money.
These ‘recovery scams’ are sometimes perpetrated by the original scammers, or other crooks they’ve sold your details to. You’d likely never see your new (or original) deposits again.
Finally, you very sensibly checked the Financial Conduct Authority register and saw that the firm the caller claimed to represent had actually been de-authorised a few years ago.
It’s questionable whether the caller was part of that company or just used its name to appear genuine. Other readers should check the register: don’t just accept a firm’s claim that it is authorised.
- Find out more: How recovery scammers trick vulnerable victims
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