Retiree Graham, 77, in particular, lost almost £800,000 to these scammers, losing his home and life savings. Britons are urged to be vigilant before investing their money into cryptocurrency, and seek professional financial advice before parting with their money.
In a bid to stop these fraudsters capitalising on vulnerable people investing in cryptocurrency, TSB has banned any transfers to cryptocurrency platforms to stop people falling victim.
On BBC Money Box last weekend, presenter Paul Lewis spoke to Paul Davis, director of fraud prevention at TSBC about these changes, and why they have been implemented.
He explained that stories like Graham’s are one’s that he would hear “every day” at TSB.
Almost one in every five transfers that customers were making to cryptocurrency transfers were being reported as fraud, he said.
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Therefore TSB have simply blocked the ability for customers to make cryptocurrency transfers as a way to protect people.
He said: “We took the fairly unprecedented step of simply blocking the ability for our customers to make these payments.
“Before putting the restrictions in place, we saw a huge growth in the number of our customers falling victim.”
Despite many central banks such as Bank of England talking about introducing cryptocurrencies, Mr Davis “has no plans of lifting the block”.
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Graham, a retired RAF pilot, lost around £800,000 to fraudsters in a devastating complex scam.
Graham thought he was investing in cryptocurrency when he contacted a firm he found on the internet last August.
He was fed up with poor returns on his savings and hoped to use the extra money to buy a home for his son.
Graham ended up losing his savings, his car and his home and the thieves “stripped him bare”.
BBC Money Box is available on BBC Sounds.
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