Has anyone heard of Bitcoin — Scope | Disability forum
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Has anyone heard of Bitcoin

janer1967
janer1967 Community member Posts: 21,964 Disability Gamechanger
Just wanted to know if anyone has heard of bit coin

My friends son has been victim of fraud through somebody on there 

He was very foolish and gave this person all his details eg bank , id being told they could make him money 

The person has taken out 7 payday loans in his name and all now charging my friends son 

I don't need comnents about how stupid he was that is obvious 

Just interested to know if anyone is aware of the company 

It has all been reported to police and they have cctv of them drawing money out of his bank so fingers crossed they may get caught 
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Comments

  • MarkM88
    MarkM88 Community member Posts: 3,127 Connected
    I thought Bitcoin was a type of online currency not a company? 
  • 66Mustang
    66Mustang Community member Posts: 13,367 Disability Gamechanger
    edited July 2021
    Bitcoin is a cryptocurrency and is legitimate - I think your friend's son maybe must have been scammed by someone claiming to trade Bitcoin for him, not by Bitcoin themselves?

    Sorry to hear about what happened. I hope he manages to get the loans cleared and his bank secured, and the criminal gets caught.
  • janer1967
    janer1967 Community member Posts: 21,964 Disability Gamechanger
    Sorry yes it wasn't the company it was someone on there that he befriended 

    These scammers get everywhere 
  • 66Mustang
    66Mustang Community member Posts: 13,367 Disability Gamechanger
    I can't argue that it does indeed facilitate crime as does other forms of wealth like cash or diamonds but I don't think there's anything underhand with the currency itself?
  • rubin16
    rubin16 Community member Posts: 346 Pioneering
    Never heard of Bit Coin the company, but bitcoin itself is a cryptocurrency and is opensource, its used becuase its untraceable and secure. You can make alot of money on bitcoin, I made lots of money when it first came out and became popular as I bought into bitcoin and then they went up in price. Dealing in bitcoin works the same as any comodity on a stock market, and goes up and down in price, but can be profitable.

    I know with this there is alot of scam companies out there promising alot of money to do it on your behalf, but with anything you should just do your homework and buy them yourself. Was it one of these companies that scammed your friends son?

    If he used his bank hopefully he can recover the money, also payday loans taken out without his consent he can get cancelled, just need to prove it wasn't him. But if he took out the money himself, bought bitcoins and sent it them. Then its a problem as bitcoin can't be traced.

    Hope this helps and he gets his money back and they catch them.

  • janer1967
    janer1967 Community member Posts: 21,964 Disability Gamechanger
    I don't know what crypto currency is 

    It all started by them putting money in my friends sons bank 

    They then demanded he take it out and deliver the money somewhere he refused and they started to threaten him so he did what was asked 

    Then came all the payday loans in his name 
  • janer1967
    janer1967 Community member Posts: 21,964 Disability Gamechanger
    Thanks for that Mike get it now 
  • rubin16
    rubin16 Community member Posts: 346 Pioneering
    Sounds like money laundering more than anything to do with cryptocurrency. Hopefully the police will be able to track them down using their account details, and your son providing as much info as possible to the police and fraud team.

    Once your friends son has given the information to the police and actionfraud https://www.actionfraud.police.uk/ he should be able to put a claim into his bank and the loan companies to recover his money.



  • janer1967
    janer1967 Community member Posts: 21,964 Disability Gamechanger
    Thanks everyone 

    Yes they are trying to get the loans stopped but not having much luck with the lenders so far 
  • woodbine
    woodbine Community member Posts: 11,519 Disability Gamechanger
    Some people who got into Bitcoin in the early days made some serious money, but more recently it has become more volatile, there are profits to be made if you can avoid the scammers.
    2024 The year of the general election...the time for change is coming 💡

  • rubin16
    rubin16 Community member Posts: 346 Pioneering
    l didn't know payday loans were a thing anymore to be honest, I thought they were all stopped and banned in the UK as they were offering unrealistic charges and interest rates back to the lender. I had a bad time with them when I was 18, they were advertised everywhere back then and now you never hear of them.
  • woodbine
    woodbine Community member Posts: 11,519 Disability Gamechanger
    I think they have all pulled out of payday lending after facing huge mis-selling bills, even provident has stopped doorstep lending.
    All good news, people who have difficulty borrowing money would do better joining their local credit union.
    2024 The year of the general election...the time for change is coming 💡

  • rubin16
    rubin16 Community member Posts: 346 Pioneering
    woodbine said:
    Some people who got into Bitcoin in the early days made some serious money, but more recently it has become more volatile, there are profits to be made if you can avoid the scammers.

    Yeah I bought some bitcoin when it first came out, and it shot up in price and I sold them for alot of profit. Nowadays though its just flooded by people trying to hope that it does the same thing again which it won't. You can make money on bitcoin still but its not much and takes alot of studying like any commodity on the stock market. Trouble is so many people and companies promise profit if you let them do it for you which are all scams.
  • Cher_Alumni
    Cher_Alumni Scope alumni Posts: 5,741 Disability Gamechanger
    @janer1967 Blimey, the internet has certainly done lots to improve our lives but this just shows some of the risks out there too.  Your friend did absolutely the right thing in reporting the fraud to the police, and for anyone in a similar circumstance, here are links to:
    Please let us know how she gets on and thanks to everyone for offering such sound advice.
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  • Lisatho11987777
    Lisatho11987777 Scope Member Posts: 5,911 Disability Gamechanger
    Thete is alot of scamming going on with bitcoin there is one going around saying  they are amazon saying you have to put 250.00 into their account to start trading when they start trading they then say you need to add more funds and then they take it all 

    Alot of scams going round if it looks to good to be true it probably is 

    My friend has just lost alot of money doing a similar thing and her bank details have been used to buy furniture and mobile phones 
  • woodbine
    woodbine Community member Posts: 11,519 Disability Gamechanger
    edited August 2021
    But on the otherside of the coin (pun intended) Bitcoin is becoming more widely accepted the "Odeon" group in the USA now accepts it for cinema entry and your popcorn etc, a S.American country now accepts it for payment of taxes.
    2024 The year of the general election...the time for change is coming 💡

  • janer1967
    janer1967 Community member Posts: 21,964 Disability Gamechanger
    @Username_removed do you know where they could get advice on this fraud other than cab 

    The loan company are saying it isn't fraud and he is liable for the 10k debt 
  • Sandy_123
    Sandy_123 Scope Member Posts: 46,719 Disability Gamechanger
    I have heard of bitcoin, but not looked into it any further.
    I hope your freinds son can get it solved soon
  • janer1967
    janer1967 Community member Posts: 21,964 Disability Gamechanger
    The issue isn't really Bitcoin that's just where the scammer came from 

    It's about them taking out loans in his name 

    He is a lot to blame himself for giving them his id under threat 
  • calcotti
    calcotti Community member Posts: 10,010 Disability Gamechanger
    edited August 2021
    janer1967 said:
    The issue isn't really Bitcoin that's just where the scammer came from 
    They don't come from Bitcoin - it's not an organisation. Bitcoin is simply this scammers chosen fraud vehicle.
    Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.

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