Got scammed 20k with buying crypto for them to invest it for me

[Hello17378]

hi, I got scammed recently 20k from falling for a scam. At first they asked for little money then eventually kept asking for more for each “step” and it soon turned into a lot of money. I carried on thinking I can’t give up now because I’ve already lost a lot and I would miss out on the return they promised.

the bank I bought bitcoin with won’t do anything because it’s not a proper bank but I transferred money from my main bank to that one. I was wondering if my main bank would be able to help refund the money I’ve been scammed? And what should I say when I call them. Really stressed and worried about the amount of money I’ve lost and currently got no income because this is the money I got from a house sale and lost my benefits due to it being over 16k

Here some info.

https://www.citizensadvice.org.uk/consumer/scams/check-if-you-can-get-your-money-back-after-a-scam/#:~:text=Contact%20your%20bank%20immediately%20to,an%20%27authorised%20push%20payment%27.

and you should report it.

https://www.actionfraud.police.uk/

I really hope someone can help

This is a case study from the Financial Ombudsman and seems very similar to what's happened to you: https://www.financial-ombudsman.org.uk/decisions-case-studies/case-studies/consumer-contacts-us-complain-cryptocurrency-investment-scam

Did you transfer the 20K in one go to the other 'bank' (not a real bank, as in some kind of trading platform?)? I think it was the pattern of unusual transactions which the FO felt the bank in the case study should have identified.

I think all you can do is call your bank and explain you've been a victim of a cryptocurrency scam, are they able to help. And as @TootOnTheBends says, report to Action Fraud https://www.actionfraud.police.uk/cryptocurrencyfraud

So sorry this has happened to you.

My bank has warnings when you go into your account to pay money. It specifically mentions crypto. I think they will refuse to make the payment as they have so many people being defrauded.

It was separate transactions totalling to 20k. I first sent to my other bank (Revolut) then bought bitcoin and sent to their crypto address. Revolut wouldn’t do anything about it so I’m wondering if hsbc would? Not sure if it’s possible for a refund and do you know how long I have to call & ask for a refund?

HSBC won't refund you for a payment you made from Revolt. Once you transferred that money to Revolt it's not their problem unfortunately.

Revoult, bloody autocorrect 🙄

I’m sure HSBC won’t. It’s nothing to do with them.

Based on some of the testimony from major banks and individuals who have been scammed but willingly transferred cash, etc., it seems unlikely to obtain a refund. In general, it comes down to the policies of individual banks.

But if I was transferring a lot of money and it’s out of character for me, could that help me get a refund?

Normally they would stop those payments before they go out of your account.

It’s unlikely HSBC will do anything

In their view you transferred the money into another account in your name

What happened next is nothing to do with them

Definitely report it to Action Fraud but I would be very surprised if you get any of your money back

From their point of view though you just moved it to another bank that's not suspicious at all.

Can you talk to someone like action fraud. I think a Refund is unlikely it's why they give those warnings.

It's worth contacting your bank. If the transaction pattern should have alerted suspicion, they may be prepared to refund some or all of the money. You have nothing to lose by contacting them, and, if unhappy with the outcome, contacting the Ombudsman as linked by pp.

Its not clear what this scam is.

Did someone contact you asking you to buy crpto? Or did you seek them out? did you think they were a company or an individual? what do you mean the bank you bought bitcoin with isn't a proper bank?

I'm confused why you think HSBC should give you back a lot of money that you willingly transferred to another bank?

It's not their responsibility at all.

I would try - they might refund - nothing to lose.
They should perhaps have queried why you were moving large sums to Revolut - my bank BOS seems to query lots of things unless you contact them first.
I guess that you phone HSB first and they tell you the process if you're making a claim.

Were you trying to hide the money in crypto to keep claiming benefits??

I hope the banks don't bail you out tbh.

It's a well-known scam - read the Ombudsman complaint details the pp has linked.

The OP clearly states they've already lost their benefits with them receiving over 16k, so no, they're obviously not trying to hide the money.

I get this from HSBC on a regular basis. I think sadly you've been warned and chose to do this anyway. The scams are well publicised and banks try hard to prevent this. I can't see a refund coming

That's shit, but there isn't a lot you can do.

Coinbase (FCA registered) is generally the best place to start for beginners, but if you just want to make an "investment" and will sell if the bitcoin price goes up, you can do that directly in Revolut.

Also it's a good idea when you are first getting into crypto to stick with bitcoin until you know what you are doing. Lots of coins are themselves scams

I assume you've reported this.

I'm sorry you got scammed

the bank I bought bitcoin with won’t do anything because it’s not a proper bank

I don't understand what you mean by this. You can still take them to the Financial Ombudsman. Have you gone through their complaints procedure? If so ask for a deadlock letter and tell them you are going to the financial ombudsman.

Was it actually a scam or a really bad investment (I'm assuming g scam!)

Think about what warnings come up when you make withdrawals from you revolute account. I bet 100% there will be warnings. Did you get any addditional ones. How long had you banked with them?

How big was the biggest payment?

HERE is a financial ombudsman case where Revolut have to return money to someone who was scammed

Definitely report it to your bank and go action fraud! My friend was a victim of a scam where he was persuaded to transfer funds by someone posing as bank staff, he was refunded it all. I hope it all works out for you, scammers are pure evil