Dosh dilemma – Julie’s costly crypto heartbreak

Julie was divorced last year and decided to try online dating. She quickly hit it off with Richard, a charming man who showered her with attention and promises of a fairytale romance.  

Caught up in the excitement, Julie eagerly awaited his messages. Then one day, the conversation shifted to money. Richard introduced her to cryptocurrency and suggested she could make a fortune with a few investments.  

Wanting to keep his interest, Julie followed his advice, starting with small amounts. As her account balance grew, so did her trust in Richard.  

Over the next couple of months, she transferred £25,000 into the account. 

One day, Julie tried to log in, only to find her account was blocked. That’s when Richard suddenly disappeared and Julie realised she’d been scammed. 

Now, Julie wants to know: what should she do and what are her rights?  

We’re really sorry you’ve gone through this, Julie. It’s awful. And sadly, you’re not alone. Romance scams were up by 22% in 2023, while crypto scams saw a huge 41% increase. 

What to do if you’ve been scammed 

If you’ve fallen victim to a scam like Julie or think you’re being targeted, here’s what you should do:  

• Contact your bank immediately and make sure all pending/future transactions are cancelled.  

• Inform the police immediately, they’ll take your case seriously. 

• Report the scam to Action Fraud.  

• Report it to the Financial Conduct Authority (FCA). Call them on 0800 111 6768 or use their contact form to get in touch. 

• Keep records of all contact and correspondence between you and the scammer.  

• If you’ve lost money because of a scam and you’re unhappy with how your bank handled things, contact the Financial Ombudsman Service (FOS). They won’t be able to solve the crime itself, but they’ll be able to investigate how your bank dealt with it.  

Watch out for follow-up scams  

Scammers like Richard have no remorse and don’t stop. They might target you again, or sell your details to other criminals. Be extra vigilant of this.  

The follow-up scam may be completely different, or it may be related to the previous fraud. It may include an offer to get your money back or to buy back the investment after you pay a fee. 

Top tips to stay safe 

Sadly, Julie learned the hard way. Here’s how you can protect yourself: 

• Don’t assume it’s real – even the most professional looking websites, adverts or ‘experts’ can be scammers. Criminals often use well-known brands to make their scams seem legitimate.   

• Don’t be rushed or pressured – a genuine bank or financial organisation won’t pressure you into making quick decisions.  

• Stay in control – avoid unsolicited investment offers. Always get independent advice and research companies thoroughly.   

• Only use trusted dating sites.  

• Don’t share personal details.  

• Never send or receive money from anyone you’ve met online, no matter how convincing they seem.   

• Trust your instincts.  

Need emotional support?  

If you’re stressed or worried about a scam, you can get emotional support from the following organisations:  

• Victim Support 

• The Samaritans 

• Age UK