An elderly couple suffered a tremendous financial loss after being victimized in a cryptocurrency scam. Barbara and Ewan Atkins, who were fooled by a fraudster who falsely represented himself as endorsed by UK financial expert Martin Lewis, lost £80,000 (around $100,000). Lewis is known for his contributions to consumer rights and charity, which have earned him the OBE. The scammer guided the couple on how to set up accounts and avoid fraud prevention, as the Atkins completed fourteen transactions ranging from £3,000 to £5,000.

The sad reality of the fraud came when the couple tried to withdraw their funds and were asked to pay £10,000 for capital gains tax. To add insult to injury, both Barclays and Revolut denied to reimburse the lost funds – Barclays claiming to have warned them about the payments before, and Revolut denying the existence of fraudulent activity. The story has served to draw attention to the importance of verifying financial firms’ legitimacy before making transactions.

Ironically, Revolut is expected to receive a UK Bank license in the near future, though it is not currently a signatory of the Contingent Reimbursement Model (CRM). This agreement between UK banks ensures the reimbursement of certain types of fraud victims. The spokesman from Revolut expressed sorrow that the Atkins were victims of “ruthless and highly sophisticated criminals.”

MoneySavingExpert.com, as well as Barclays and Revolut, has urged consumers to stay vigilant and to do thorough research before investing. Although this incident highlights the potential dangers of investing in cryptocurrency, the advancement of FinTech presents numerous opportunities to find reliable financial solutions and make wise investments. Martin Lewis calls for financial education, as he believes that knowledge is the best form of protection. To avoid similar situations in the future, it is essential to read up on the rules and become familiar with investment and bank regulations before making any decisions.



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