A Cardiff accountant, Tracey Watkins, 42, has shared her devastating experience after losing over £52,000 in a sophisticated social media investment scam. The ordeal left her feeling “distraught, panicked, and helpless” as scammers preyed on her trust and savings.
The Scam Unfolds
Tracey was approached via WhatsApp by a woman claiming to represent a legitimate investment firm. The scammer convinced her to invest her savings in Bitcoin, promising to triple or quadruple her returns. After an initial £3,000 investment, Tracey was told her portfolio had surged to £30,000. However, when she attempted to withdraw her funds, she was instructed to install AnyDesk, a remote access app, on her phone.
Using this app, the scammer gained control of Tracey’s device, viewing sensitive information and conducting fraudulent transactions. Despite assurances from the scammer, they took out two loans worth £30,000, increased her credit card limits, and drained her accounts, including her daughter’s savings, amounting to over £52,000.
When Tracey tried to contact the woman, she found the number unresponsive. Efforts to recover the money through her bank and the Financial Ombudsman Service were unsuccessful, as the use of AnyDesk was deemed to have authorized the transactions.
Expert Warnings and Red Flags
Luke Young, head of policy at Citizens Advice, highlighted the prevalence of such investment scams, particularly on platforms like Facebook. Scammers often exploit mutual friends or professional-looking profiles to establish trust. Young emphasized key warning signs:
- Phrases like “guaranteed returns” or “loopholes” often signal unrealistic promises.
- High-pressure tactics to rush victims into decisions.
- Unsolicited links or messages requesting personal or financial information.
How to Protect Yourself
- Verify Authenticity: Treat unexpected calls, texts, or emails with caution. Call back using a trusted number.
- Ask for Advice: Consult a trusted friend or family member before making decisions.
- Contact Your Bank Immediately: Dial 159 to report scams and freeze any compromised accounts.
- Avoid Clicking on Suspicious Links: Access official websites directly instead.
- Use Strong Security Practices: Enable two-factor authentication and use unique passwords for your accounts.
Steps to Take If You’ve Been Scammed
If you suspect you’ve fallen victim to a scam:
- Stay Calm: Gather details of the scam, including contacts, shared information, and payment methods.
- Report the Scam: Contact your bank to freeze accounts and block further transactions.
- Share Your Experience: Alert friends, family, and authorities to prevent others from falling victim.
Tracey’s story serves as a stark reminder of the growing sophistication of social media scams. While the promises of easy returns can be enticing, vigilance and skepticism are essential to safeguard against such schemes.