I’m trying to get an idea of the possible outcome of a scam case with Monzo. I have given all the details over and have now been waiting just over 2 weeks and most days I’ve asked if I could have an update which I never get other than they are still looking into it. No timeframe not info on how the case is going nothing at all so I’m in complete limbo.
The scam itself is very well run and it has its own police reference number as so many people have been tricked so a case is being built to stop these horrible people scamming others!
The scam in short is friends you have and know on Instagram have had their accounts compromised and used by the scammer as if they are the person, posting stories and staying active on the account trying to impersonate them stating they have invested money and got good returns so you reach out to them thinking it’s a friend and they are advising they done x y and z and got a return so you then go to the Instagram account of the scammer which is setup to look like a team of investors making money with loads of actual people they have already scammed with videos on the page that they have made for promoting that they received a lump sum (before realising it was all a elaborate scam) so many people like myself, friends and family are seeing this Instagram account with real people who cannot get the promo vids removed by police or Instagram which is absolutely crazy! Which is leading people to fall into the trap of the scam if they are unaware.
There are only three possible outcomes.
- You will get your money back.
- You will get some of your money back.
- You will not get any of your money back.
Unfortunately, no one here (mostly just customers) will be able to offer any useful insight as the outcome depends on the particular circumstances.
Hi @MartyL7 and welcome
@Anarchist is right we are just customers here so can’t really tell you as we don’t know.
Timescales wise, they do have up to 8 weeks, hopefully you’ll hear sooner than this but as is the case unfortunately you just have to sit and wait for them to do their thing.
Good luck and thanks for making others aware of a potential scam
Wouldn’t it be a massive red flag if a friend suddenly started posting about investments when they didn’t do before?
Are there that nany daft people around?
Very unfortunate and the bank isn’t guaranteed to refund you if you didn’t research enough about the product you bought into. If it’s too good to be true, it generally always is.
Most certainly a lesson learned to just block/report these types of account takeovers and the social will try and resolve it otherwise.
While I appreciate my response isn’t favourable, it’s the sad reality of it.
Andrew it was 2 friends that posted they made an investment, with the usual screenshots and proof they got money etc back, and furthermore they created videos with themselves in it stating they invested X amount and got X amount back which is also showing on there actual Instagram feed which they cannot get removed along with it being on the scammers account Instagram account as well. So when I thought I was talking to a friend on Instagram it was the scammer pretending to be them.
They are even still to this day using the accounts to post memories on the two compromised accounts and posting edited pictures of friends and family and pictures on Instagram making it seem like it’s the personal who initially owned the account. They have taken over so many people’s accounts which they cannot get removed.
Carlo even the police have stating it’s one of the most cunning scams they have came across in a long time as they are using real people as a pawn without that aspect the scam would definitely not come across as ok as it seemed.
Like you say lesson learned, I’m just fuming that theses scammer are still doing it right now and nothing can be done by Instagram or the police right now.
Have reported the account on Instagram and action fraud and the police are involved.
No the actual person creating the video themselves no A.I involved completely tricked into creating a promo video which is were the scam then suck people in. It’s hard to describe the full scam in words as there is so much to it.
This is a little hard to follow.
If I had to summarise a scammer convinced 2 of your friends to make a video about making loads of money with a simple investment. You saw it and give a third party money which turned out to be a scam?
I’m just trying to paint a picture for others to follow and not fall victim to. Plus, it hopefully it helps when you’re making your claim if it’s as clear as possible what happened.
They dupe people in form of saying well here’s your money (fake image of fake account) and then say do this video for us and we will release it.
It’s the genuine account holder being taken for a mug.
This one is slightly different.
Let’s say you’ve got a friend. We’ll call him “Jim”. Jim posts pictures of cats and things. You like him. One day Jim starts posting screenshots of his bank and says he’s made £1000 investing and you can too you just need to speak to “Bob”
So you reach out to “Bob” and hand over your money. You’ve basically just lost £1000 because “Jim” was always “Bob”
I’d like to think that if my mates started posting this sort of sh*t I’d not fall for it, but they are very convincing so I can totally see how people fall for it.
OP - all you can do is wait for Monzo to do their ting.
Sorry dude, there is much more to it trying to describe it in words is difficult.
But in a summary they are taken over real people’s accounts pretending to be them and taking it from there, it’s snowballed that much they have scammed so many local people. Without this personal touch the scam just would not work.
This is prob the best way it can be described thanks for your input as trying to break it down is hard. When I say friend I don’t mean a friend I speak to loads if this had been a close friend I’d have just rang them and asked what is this your talking about.
I reached it through Instagram direct message which was the downfall of it fgs!
Regrettably I agree with you.
Well we can learn a lesson which you sadly will have done so. If it looks like a duck, walks like a duck it’s probably a rat.
This is where having secondary contacts are important. For example responding on a different platform or form of contact. Not FB because that’s obvs still meta.
Good luck in getting your money back
I’ve been subject to these types of inboxes, but the lights were on and I was home so didn’t fall for it. This was before knowing much about fraud and scams.
It’s just unfortunate and not enough detail was sought by the victim to check it was legitimate.
The banks can’t always pay out through negligence and I’ll always stand by that, however others may feel.