Is your father or mother being scammed with crypto? Warning signs and what you can do
Date: | Week 45 | Reading time: 6 minutesAuthor: Simcha Schrijver
In brief
Could your father or mother have been scammed with crypto? Look out for a new adviser who calls often, a platform showing quick profits and secrecy about money. It does not have to be fraud, but it is the moment to calmly take a look together.
Paucitas regularly speaks to sons, daughters and grandchildren who are worried. Paucitas can investigate the platform and the transfers and show whether the money is still within reach or where it went.
Contact Paucitas. A no-obligation introduction is always possible.
Put simply
A parent who is being scammed is often the last to notice. Do not start with a judgement but with interest, and ask whether you may look at the platform together. Let Paucitas take a look with you.
Your mother proudly tells you that her savings are finally earning something. Your father now answers the phone every evening for an adviser he has never met. There is an app on the tablet you do not recognise, and questions about it are brushed aside. You feel something is not right, but you do not want to be patronising either. That is a difficult place to be, and you are certainly not the only one.
How can you tell your father or mother has been scammed with crypto?
Paucitas sees the same warning signs again and again in practice. One sign on its own says little. If you see several at once, it is wise to take a closer look. These 6 signs stand out most:
- A new adviser or acquaintance who calls or messages often, and whom your parent has never met in person.
- A platform or app showing ever higher profits, sometimes within a few days.
- Time pressure: more money has to be added quickly, or an opportunity or bonus will be lost.
- Requests to pay tax, fees or a deposit before anything can be withdrawn.
- Secrecy, or advice not to discuss it with the bank or with family.
- A request to install a program that lets someone else see the computer or phone.
It may also simply be a genuine investment. That is not always visible from the outside. That is exactly why it pays to have it looked at properly before more money is transferred.
Why are older people so often targeted?
Scammers look for people with savings, time and trust. They take their time too: weeks or months of friendly conversations, interest in the grandchildren, help with the technology. That is what makes it so convincing. The FCA warns that investment fraudsters often use flattery, time pressure and a request to keep the offer to yourself. It happens to clever, independent people. It has little to do with being naive.
How do you start the conversation with your father or mother?
Paucitas notices that shame is often the biggest obstacle. Someone who hears they have been scammed quickly feels foolish, and then closes up. A few things help:
- Start with interest: ask how it works and whether you may have a look.
- Avoid words such as scam or foolish, certainly in the first conversation.
- Suggest having an independent party look at it together. Then nobody has to be proved right.
- Agree that nothing more is paid in until it has been looked into.
Unsure how to approach this? Paucitas is happy to think it through with you, even if your parent is not yet convinced.
What does Paucitas investigate?
Paucitas looks at the platform, the messages and the transfers. Paucitas reads through the conversations, emails and documents, builds a timeline and maps where all the money went, step by step. Sometimes funds turn out to still be in your parent's own wallet or account. Sometimes the money has already been sent on. And sometimes it turns out to be a genuine but risky investment. You get one complete picture in a report anyone can follow, including your parent.
If it does turn out to be fraud, that report is a strong attachment to a report to the police, because everything is set out completely and clearly. Paucitas does not promise that the money will come back. But the whole family will know where it stands.
What can you do as a family right now?
Keep what there is: the name of the platform, the link, messages, emails and bank statements showing the transfers. Do not delete anything, even if it is painful. Also be alert to a new phone call after a loss. Scammers sometimes approach victims again, now offering to recover the money for an upfront fee.
If money is still being transferred, talk about it today rather than tomorrow. Your parent's bank can sometimes help too if you explain what you are seeing. And you do not have to work it out alone: Paucitas stands beside you and your parent, without judgement, with a clear picture of what happened.
Why people trust Paucitas
Paucitas is an independent firm of experts based in Amsterdam, with its own office where you are welcome. Paucitas carries out all investigation itself, has many client reviews and regularly appears in the media. An honest picture comes first. Before starting, Paucitas discusses a tailored quote, with no surprises afterwards.
Paucitas can be reached 24/7 on +31 20 244 5774; the phone is answered in English. Through the form you will hear from us within 1 to 3 hours, and emails are answered within 24 hours, usually the same day.
Sources: FCA, tactics investment fraudsters use; FCA ScamSmart.
Do you have questions about this blog?
Feel free to get in touch with Paucitas. Paucitas can be reached by phone 24/7, including evenings and weekends. Through the contact form we usually reply within 1 to 3 hours, and we answer e-mail within 24 hours.
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Frequently asked questions if your parent may have been scammed
My father does not want me to look. What can I do?
Paucitas advises not to put on pressure but to keep the conversation open. Suggest that an independent party takes a look, so it does not come between you and your father. Paucitas explains everything calmly and clearly, to your father as well.
Can I as a son or daughter request an investigation?
Paucitas can talk with you about the situation. For a full investigation your parent usually needs to cooperate, or you need to be authorised to act on their behalf. Paucitas discusses with you what is possible in your case.
Can the money come back?
Paucitas: it depends on your situation. If you still have access to your own wallet or account holding funds, there are sometimes options. If everything was transferred to the scammers, things are different. That cannot be judged from a distance. Paucitas first looks at your situation and tells you honestly what is and is not possible. Be careful with parties that promise in advance that your money will come back. In doubt? Contact Paucitas and you will know where you stand.
What should we keep?
Paucitas asks for everything that is still there: the name and link of the platform, messages, emails, screenshots and bank statements showing the transfers. With that, Paucitas builds a timeline and follows the route of the money.
Is it always a scam if my mother invests in crypto?
Paucitas is clear: no. Many people simply invest in crypto. It is about the signs around it, such as an unknown adviser, time pressure and paying in order to withdraw. Paucitas can find out whether the platform and the transfers add up.
From Amsterdam, for the whole of the UK
Everything can be done fully online. Prefer to meet in person? You are very welcome at our office in Amsterdam, by appointment.
Paucitas is an independent expert firm based in the Netherlands that, for clients across the UK, investigates investment fraud and crypto fraud, establishes the origin and legitimacy of crypto assets and prepares expert reports for legal proceedings and compliance.
Your own situation
If you are reading this, you probably have a question about your own situation. That is exactly what Paucitas does.
The first step is contact by phone. You can book that call by phone or through the contact form, so you do not have to wait. In the call we look together at what can factually be established in your case and what Paucitas can examine for you.