Fake investment and crypto advisers: the call that promises big returns

Fake investment and crypto advisers: the call that promises big returns

The phone rings and a friendly, confident voice introduces itself as an "investment adviser" or "account manager". They might have got your number after you left your details on an advert featuring a famous face, or they might be calling completely out of the blue. They promise you'll grow your savings with Bitcoin, shares, forex or AI trading, with "guaranteed" returns and no risk. It's an investment scam, one of the costliest in the UK because victims often lose their life savings, and it usually comes with a second part: the one that promises to get your money back.

How does the scam work?

1. The bait. An advert on social media or a fake news article where a celebrity "reveals" how they got rich with an investment platform. You leave your number in a form, or they simply call you from a list.
2. The friendly adviser. They ring you, sometimes from a UK-looking number, and gain your trust over several calls. They're patient, they talk about your goals, they send you professional-looking documents.
3. The first small deposit. They ask for a modest amount, often a couple of hundred pounds, to "open your account". On their platform, you see your balance grow day after day.
4. They let you withdraw a little. To convince you, they let you take out a small sum. That makes it look real.
5. The push to invest more. "There's an exceptional opportunity, put in more now." They might ask you to take out a loan, release your pension or remortgage. Sometimes they ask you to install a remote access app "to help you trade".
6. You can't withdraw. When you ask for your money, fees, "taxes", "anti-money laundering checks" or excuses appear. Then the adviser stops answering.

What is the recovery room scam?

When you've already lost money, a second call arrives: a "law firm", a "recovery agency", even a supposed regulator or police unit. They know exactly what you lost and promise to recover it... after you pay an upfront fee. It's the same scammers or their partners, working from lists of victims. The FCA warns specifically about these recovery room scams. No legitimate organisation will charge you upfront to recover money lost to a scam.

What are the red flags?

• Guaranteed returns or returns far above normal ("10% a month"). No real investment guarantees profits.
• An unsolicited call offering investments. Cold calls about pensions are banned in the UK, and a legitimate firm won't pressure you over the phone.
• Urgency: "the offer closes today", "you'll miss the opportunity".
• A famous person in the advert. Celebrities' images are used without their permission.
• They ask you to install AnyDesk, TeamViewer or a similar app.
• They ask you to pay in crypto or to transfer money to individuals or to accounts abroad.
• They discourage you from talking to your family or bank: "they won't understand".
• The firm isn't on the FCA Register, or it's a clone that imitates the name and details of a real authorised firm.

What do I do if they're calling me right now?

1. Hang up. You don't have to justify yourself.
2. Don't give any personal or bank details and don't install anything.
3. Check the firm on the FCA Register. Look up its name and contact details yourself, and only use the phone number and website listed on the Register, because scammers often clone authorised firms. The FCA's ScamSmart pages also show warnings about unauthorised firms.
4. Talk to someone you trust before making any decision about your money.
5. Report the number in the spam numbers directory so others recognise it.

What if I've already invested or paid?

1. Stop sending money, whatever reason they give: fees, taxes, "unlocking" your account.
2. Call your bank on 159 or the number on the back of your card and explain what's happened. Ask them to try to stop or recover payments. If you paid by bank transfer, ask about reimbursement: most victims of authorised push payment scams are entitled to it, with some exceptions.
3. If they had remote access, uninstall the app, disconnect the device from the internet and change your passwords from another device.
4. Gather evidence: names, numbers, emails, the platform's web address, screenshots, payment receipts and crypto transaction IDs.
5. Report it to Report Fraud (formerly Action Fraud) on 0300 123 2040 in England, Wales and Northern Ireland, or to Police Scotland on 101. You can also report the firm to the FCA.
6. If your bank turns down your claim, you can complain to the bank and then take it to the Financial Ombudsman Service, which is free.

How do I avoid the second scam?

• Distrust any call offering to recover your money, especially if they know how much you lost.
• Never pay upfront to recover funds.
• The FCA, the police and the Financial Ombudsman don't charge for helping you, and they don't cold-call to sell services.
• Check before trusting: look up the organisation yourself and call it on its official number.

Frequently asked questions

I saw the advert with a well-known celebrity. Isn't that a guarantee? No. Famous faces are used without their knowledge in fake adverts. If a celebrity "recommends" getting rich fast, it's a red flag.

They let me withdraw a little money at the start. So is it real? That's part of the trick: a small withdrawal builds your trust so you invest much more. Being able to take out £50 doesn't mean you'll get your thousands back.

Can I get back what I sent in crypto? It's difficult, because crypto transfers can't be reversed and most cryptoassets aren't covered by the Financial Services Compensation Scheme. Even so, report it and give the police and your bank all the evidence: sometimes funds can be traced.

They call from a UK number. Does that mean the firm is in the UK? No. The number shown can be spoofed or rented. The only way to be sure is to check the firm on the FCA Register and contact it through the details listed there.

In short

Guaranteed returns, pressure, crypto payments and remote access apps are the signature of investment scams. Hang up, check the FCA Register, and never pay to "recover" what you lost. And if one of these calls has reached you, report the number in the NoCall spam numbers directory: your warning could save someone else's savings.