Skyline Markets - I think my son has been a bit silly

deniseb90

Hi, been a long time since I've posted here but knew someone would be able to help me! My son (just turned 19) stupidly answered a call from an "agent" of Skyline Markets - a binary trader - and was sweet talked into opening an account. My son, being a hard worker, but probably thinking he can earn a bit more - then sends this guy a copy of his driving licence and the front of his debit card! (I knew nothing of this). Next thing you know $250 has been taken out of my son's account. A few days later my son fesses up to me - I think he realises what an absolute tw*t he's been! I've been emailing Skyline Markets who said that he can have his money back if he "completes the compliance documentation" - i.e. sends a utility bill with his address on and the back of his driving licence.

I have searched the internet to find out more information about Skyline Markets but I don't know whether it's a scam or what - I know nothing about binary trading (nor does my son!). Anyway, shall I just tell my son that he'll have to swallow the $250 and tell the bank to stop any more money being withdrawn by them? To say he is a bit down about this is an understatement and I feel for him. Any advice greatly received! Thanks (and sorry for the long post!)

bugbyte_2

Do not send any more documentation to them. Your son should cancel his card immediately, tell the bank what has happened and contact the police for further advice. I am afraid to say your son is very likely having his identity stolen.

deniseb90

Thanks so much - I've told my son this. Ironically he had a call from someone at Skyline Markets earlier who said that once they received a copy of his address (i.e. a bank statement) then he'll get his money back - it all sounds very suspect and for the sake of 200 quid he's learnt a very valuable lesson! Thanks again.

Elijah_Bailey

You need to cancel the debit card immediately and inform the bank or credit card company of this incident and keep checking for any more unusual transactions on his account.

Request a copy of his credit file to check for any suspicious credit applications. Unwanted debt is a critical issue you need to prevent.

Report the theft to the police and ask for a crime reference number (so you can prove you have reported it, if necessary).

It may be wise to contact CIFAS (the UK’s Fraud Prevention Service) to apply for protective registration. If you do register, you need to be aware that CIFAS members will carry out checks to see when anyone, including your son, applies for a financial service, such as a loan, using your son's ID or address. This may seem like an intrusion into his life but ID theft is not to be treated lightly.

Please do not give them any more data. It will not be used to help your son.

Malthusian

Not all binary options trading websites are scams. By signing up to a binary options website you are basically volunteering to have your money taken away and in that sense it is not a scam when they do what you ask.

However, some of them undoubtedly are outright scams. And the fact that they took a copy of the front of the debit card, which is not necessary to collect an agreed payment, nor for anti money laundering purposes, makes me worry that Bugbyte may be right. (What a copy of your debit card does contain, which is not necessary to make a debit card payment but is very useful for fraudsters, is your sort code and current account number.)

I certainly wouldn't send any more information, they already have his address so no good reason they should need a utility bill or the back of his driving licence. However, it may still be worth emailing them to get very arsey and insist on a refund, as long as you don't send them any more personal information. (You can point out that they already have everything they could need - if they are happy to collect money from an account then they should be equally happy to send it back - if they had insufficient AML verification they should not have collected it in the first place.) They may refund the money for the sake of a quiet life. It can't hurt.

*edit* Incidentally, I'm unclear on whether he agreed or not to pay $250 to the company in order to trade / gamble with it, which is why I am a bit less unequivocal than the posters above on the subject of fraud.

Elijah_Bailey

A legitimate company would not need more information in order to return money. They had enough information to withdraw money so they have enough information to repay it.

The OP's son's address is of no relevance to obtaining a refund. It is not required.

deniseb90

Thank you all for your replies. My son is absolutely devastated - I'm at work and trying to get him to go or call the bank - he's 19 and I think he'd just like me to sort it all out for him, which I can't - I can only advise. This is a complete sh*t storm - I've had better Fridays!!

Elijah_Bailey

You should remain calm. A preliminary search will show that the company does exist and may be exactly what it appears to be. Binary trading appears to be a field for hardened experts.

I cannot find any evidence that it is financially regulated in the UK and although this is not against the law, it should raise a cautious eyebrow or two.

As mentioned previously, the card details were freely volunteered and the debit of money was legitimate so your son has not been the victim of any fraud yet. He has only been the victim of persuasive marketing so far.

Informing the bank and cancelling the card may be enough to protect your son, even if it just from the risk of further unwanted monetary debits.

N1AK

deniseb90 wrote: »

Thank you all for your replies. My son is absolutely devastated - I'm at work and trying to get him to go or call the bank - he's 19 and I think he'd just like me to sort it all out for him, which I can't - I can only advise. This is a complete sh*t storm - I've had better Fridays!!

If he was that devastated about the money then he'd phone or go to his bank. It sucks but, irregardless of what has happened here, at 19 he needs to take some responsibility for sorting his own mess out rather than relying on you.

The bank will be better able to advise him than you or anyone on here.

iammumtoone

N1AK wrote: »

If he was that devastated about the money then he'd phone or go to his bank. It sucks but, irregardless of what has happened here, at 19 he needs to take some responsibility for sorting his own mess out rather than relying on you.

The bank will be better able to advise him than you or anyone on here.

Have a heart he is 19 and whilst technically an adult he has done nothing wrong in asking his Mum for help (that's what parents are for).

OP can you go to the bank with him? He has to go as its his account but you can be there for moral support, I can image plenty of independent adults would appreciate someone to accompany them in this situation, I know I would if I ever got myself into a mess like this.

Elijah_Bailey

£200 is a lot to loose at 19 years old. The situation could have been much worse and about a lot more money.

Your son should see this as what it is - an unfortunate lesson about not listening to any cold calls on the phone. He certainly will not forget his first (and hopefully only) financial miscalculation.