An elderly UK-based victim of a Bitcoin scam says that fraudsters posing as cryptocurrency brokers stole his life savings (around £82,532 or $106,000) when he tried to invest in Bitcoin.

According to an article by Tony Hazell published on Tuesday (September 29) on financial news website “This Is Money” (which is owned by DMG Media), here is a recounting of the scam by the victim:

“Last summer I was tricked into transferring my life savings to criminals posing as cryptocurrency brokers. My friends had told me that lots of people were investing in Bitcoin and doing very well, so I found an online firm claiming to offer Bitcoin and entered my details.

“I was then contacted by a number of firms. One assigned me a broker called Alex who requested an initial £250 sign-up fee. This was blocked by my bank, Lloyds, as it was destined for an account in Eastern Europe.

“Alex advised me to open an account at HSBC. Over the next few months she telephoned me daily advising me to invest more. I made six payments from my Barclaycard totalling £9,500 and paid £82,532 from my HSBC account.

“The fraudster told me I needed to hand over another £27,000 or I would lose all my money, so I asked my brother for a loan. He became suspicious and confirmed that it was a scam with Action Fraud and the Financial Conduct Authority. Barclaycard refunded me but HSBC is refusing.”

Although it is sad to hear the painful story of yet another victim of a Bitcoin scam, fortunately, the story has a happy ending.

It seems that “Barclaycard refunded the £9,500 without question, but it took more than four months of back and forth before HSBC agreed to reimburse the full £82,532.”

An HSBC spokesperson told Daly Mail reporter Hazell:

“We take very great care to consider personal circumstances in cases like these, including factors which may affect decision-making at the time.

“While we’re satisfied that we acted correctly in respect of the information we had at the time, in light of new information, and as a gesture of goodwill, we have reimbursed Mr E the funds lost.”

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.