A Yorkshire dad has lost over £12,000 to a cryptocurrency scam after falling for an ad that featured This Morning hosts Holly Willoughby and Phil Schofield.
George Summerson, from York, was about to become a dad for the second time and was looking at ways to make some extra cash to support his growing family. The 41-year-old then saw a Facebook advert that looked like a news article claiming This Morning stars Phil and Holly had invested money in an exciting scheme.
Shortly after George filled in an online form, an “account manager” called him to talk him through the process. George initially invested £250 before depositing another £2,000 and £5,000 when he saw his “profits” grow.
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George said his bank did question one of the transfers but “Marcus” was quick to reassure him and told him that banks just didn’t want people to buy cryptocurrency. The two also spoke on the phone daily, either via text or phone calls, which left George completely unsuspecting.
He said: “I know when something seems too good to be true it probably is but it seemed so genuine. He [“Marcus”] kept saying how it’s my money, he can’t touch it and he doesn’t make money unless I do.”
However, when George tried to withdraw his money, he realised he had been scammed by highly-organised criminals. George, who works in the Civil Service, was told if he wanted to withdraw his funds, which included his own investment of £12,250, he would need to pay 50 per cent of the total money back into the scheme.
He said: “I was kicking myself. I never thought this would happen to me. I know about internet security and I’m not elderly or vulnerable.
“I even alert my mum so she doesn’t fall for them. I know my way around a smartphone and people like me never think we’ll be targeted.”
When he realised what had happened, George contacted his bank but was told there was nothing they could do. However, fraud lawyers at CEL Solicitors took his case to the Financial Ombudsman and managed to recoup more than £10,500 which George described as a “big relief”.
He is now warning others to watch out for scammers and not make the same mistake. He said: “Everyone needs to be careful online, some scams are so detailed that anyone can be a victim.
“I think celebs and well-known faces should keep an eye out too, and make it clear on their platforms what they do and don’t endorse.”
Unfortunately, investment scams like this are common, especially during a cost of living crisis when more and more people are looking for ways to earn extra money. Paul Hampson, an expert Fraud Solicitor and Managing Director at CEL Solicitors, said: “The level of sophistication in some scams is startling.
“Criminals are making defrauding people a full-time job, putting hours in a day to deceive people out of their hard-earned money. Fraudsters are building relationships and trust with their victims, which makes the con all the more distressing when the target learns the truth.”
He added: “It’s a difficult lesson to learn, especially when banks and other authorities don’t jump in to help right away, which is why legal support is often advised when you have fallen victim to a scam. In this particular case we were able to recover money from Mr Summerson’s bank on his behalf.
“We are seeing more and more money lost by victims using crypto currencies. It is like the wild west. We believe that the crypto exchanges and platforms should be more heavily regulated by the Financial Conduct Authority.”
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