Parent Loses £104,000 to Crypto Scam and Seeks Recovery Assistance

A single parent lost £104,000 to a crypto scam run by WorldTradeCenter, initially lured by a fake investment opportunity. Despite experiencing severe emotional distress, they recently sought help to recover losses. Barclays agreed to refund £52,000, while Revolut denied responsibility, citing that warnings were issued. The case highlights the vulnerabilities in the face of financial scams and the importance of diligence in investing.

In January 2022, an unnamed single parent fell prey to a crypto scam, losing a staggering £104,000. The fraud was tied to a cryptocurrency scheme promoted by a broker operating under the name WorldTradeCenter. Only after the money was drained from their Barclays bank account did the victim realize the investment was a sham. Embarrassed and overwhelmed by shame, they kept the details secret, ultimately leading to considerable emotional distress.

The parent had cashed in a Stocks and Shares ISA intended for retirement and even reached out for loans to meet the demands of scammers. These fraudsters instructed them to open a Revolut account to purchase crypto from alleged legitimate brokers. In hindsight, the signs of deceit were clear, but at the time, the urgent need for cash clouded judgment.

The investment commenced with a mere £10, a practice designed to build trust. When that quickly yielded returns of £82, confidence surged, leading to higher stakes. As months progressed, the total investment escalated to £104,000; however, the scammers continuously prevented any withdrawal, inventing excuses to extract further payments, even extending the allure of a fictional client success story that involved buying a yacht.

When the victim insisted on withdrawing a significant amount, they were told the market had crashed. Subsequently, communication from the so-called finance department stated the business needed cash to reopen, prompting further desperate payments. Ultimately, the realisation struck that they had been scammed.

Days blurred into one another as the mental toll became evident. It wasn’t until years later that the parent felt ready to seek help and ask if there was any chance of recovering some lost funds. Under the Financial Ombudsman Service guidelines, there’s a six-year frame for complaints, making their inquiries still feasible.

Interestingly, the WorldTradeCenter is listed as an unauthorised firm on the Financial Conduct Authority’s warning list, which highlights the importance of due diligence while investing.

In a series of back-and-forth communications between the victim, Barclays, and Revolut, the banks performed investigations, but responses varied. Barclays eventually agreed to reimburse £52,000 after acknowledging the customer’s plight, stating it was a gesture of goodwill. Conversely, Revolut denied any responsibility for tracing the funds once transferred. They cited sending warnings about potential fraud but the victim has no recollection of these alerts.

Revolut insists it invests heavily in fraud prevention, having reportedly saved £600 million from scams in 2024 alone. Customers are urged to scrutinize investment opportunities closely and remain wary of scams promising unrealistically high returns.

Human stories of financial scams are far too common, and the pressures of life can make individuals susceptible to them. In this case, the combination of personal struggles and the alluring promises of quick gains led to devastating losses. It serves as a stark reminder to others to remain vigilant and to seek counsel before making financial commitments.

If you have encountered a similar situation, it might be worth considering the assistance of financial authorities or legal experts to explore avenues for recovery and safety in future investments.