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Has anyone heard of Bitcoin

janer1967janer1967 Member Posts: 11,201 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 

Replies

  • MarkN88MarkN88 Member Posts: 1,297 Pioneering
    I thought Bitcoin was a type of online currency not a company? 
  • 66Mustang66Mustang Community Co-Production Group Posts: 5,098 Disability Gamechanger
    edited July 19
    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.
  • janer1967janer1967 Member Posts: 11,201 Disability Gamechanger
    Sorry yes it wasn't the company it was someone on there that he befriended 

    These scammers get everywhere 
  • 66Mustang66Mustang Community Co-Production Group Posts: 5,098 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?
  • rubin16rubin16 Member Posts: 101 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.

  • janer1967janer1967 Member Posts: 11,201 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 
  • janer1967janer1967 Member Posts: 11,201 Disability Gamechanger
    Thanks for that Mike get it now 
  • rubin16rubin16 Member Posts: 101 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.



  • janer1967janer1967 Member Posts: 11,201 Disability Gamechanger
    Thanks everyone 

    Yes they are trying to get the loans stopped but not having much luck with the lenders so far 
  • woodbinewoodbine Community Co-Production Group Posts: 4,512 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.
    "Putting a child into care, isn't caring for a child" (T.Rhattigan)
  • rubin16rubin16 Member Posts: 101 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.
  • woodbinewoodbine Community Co-Production Group Posts: 4,512 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.
    "Putting a child into care, isn't caring for a child" (T.Rhattigan)
  • rubin16rubin16 Member Posts: 101 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_ScopeCher_Scope Posts: 4,038

    Scope community team

    @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.
    Online Community Co-ordinator

    Want to tell us about your experience on the online community?  Talk to our chatbot and let us know.
  • lisathomas50lisathomas50 Posts: 4,361 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 
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