Elderly Woman Loses £250,000 Life Savings In Crypto Scam After Fraudsters Promised Big Returns

An elderly woman has lost more than £250,000 after falling victim to a cryptocurrency scam that began with an online investment advertisement. The woman, who is in her 70s and lives in Newry, believed she was investing in a legitimate cryptocurrency scheme. Police said she ultimately lost what they described as her life savings.

The Police Service of Northern Ireland (PSNI) said it received a report about the fraud on 21 May and that investigations are ongoing. Officers have urged the public to exercise caution when considering investment opportunities promoted online and to seek independent advice before transferring money.

Investment Advertisement Led to Losses

According to police, the woman first encountered the investment opportunity through an advertisement she saw online. Detective Inspector Moffett of the PSNI's Serious Crime Branch said she initially transferred a relatively small amount of money into the scheme.

Police believe the fraudsters later persuaded her to send larger amounts on several occasions. Detective Inspector Moffett said the woman was repeatedly told that additional payments were required in order to access profits or recover funds she had already invested.

As the scam progressed, the financial losses increased significantly. Police said the fraudsters remained in contact with the victim over an extended period and continued to convince her that the investment was genuine. Investigators believe this ongoing communication played a key role in persuading her to transfer further sums of money.

Fraudsters Allegedly Gained Control of Devices

Investigators said the scammers instructed the woman to download software onto her electronic devices. Police believe the software was malware that enabled the criminals to gain remote control of those devices.

Detective Inspector Moffett said investigators believe the fraudsters were then able to access financial information and transfer additional funds from the woman's accounts. He said the investigation has revealed substantial financial losses linked to the scam.

'Our investigation to date indicates that this woman has, unfortunately, lost upwards of £250,000,' Detective Inspector Moffett said.

The PSNI has not released further details about how the funds were transferred or whether any money has been recovered. The investigation remains active.

Police Warn of Convincing Scam Tactics

Following the incident, police urged the public to remain vigilant when dealing with investment opportunities found online. Superintendent Joanne Gibson, from the Scamwise Partnership, said taking time to review financial activity and verify information can help reduce the risk of fraud.

She encouraged people to discuss potential scams with family members and friends, particularly where large sums of money are involved. According to Superintendent Gibson, conversations with trusted individuals can help identify warning signs that may otherwise be overlooked.

'We know that this type of crime can have a far-reaching impact, but we can all work together to protect and prevent this from happening to those we care about,' she said.

Superintendent Gibson added that fraudsters often use convincing tactics to persuade victims that they are dealing with legitimate organisations.

'Fraudsters can be extremely convincing and use a variety of scenarios to make people believe them to be genuine. They are master manipulators,' she said.

Police advise anyone considering an investment to verify companies independently, conduct checks before transferring money, and be cautious of remote access requests to personal devices.

The PSNI will continue using available resources to investigate fraud and protect the public. Anyone who may have fallen victim to a similar scam is encouraged to report it to police.