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bank transfer scam HELP

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ryzah
ryzah Posts: 3 Newbie
edited 27 March 2019 at 1:04AM in Budgeting & bank accounts
Hi

A friend of mine has recently been lured into a ponzi scheme type of game that involved sending money into 1 bank account. I'll try to explain it briefly so you get an idea.

8 different people have sent £160 into this 1 guys bank account and then once thats complete the man in the middle leaves and a new person joins the centre who then gets another 8 payments and so on until he is in the centre

My friend has now realised after telling me about it and I explained how this is a similar concept to a pyramid scheme and no one else is now joining this circle so its extremely unlikely that hes going to get his payout of £1280. He now wants his money back and has asked me potential ways to get it back and after some research bank do cover scams which involve bank transfers.

My friend wants to know if theres anything he could say to his bank without incriminating himself to get his money back as he was unfairly lured into this 'game'. If hes complains to his bank is it likely hed get his money back as they can see that this guy he sent the money to has received 8 payments in quick succession of £160? My friend also doesnt want the guy in the middle to get prosecuted either as I think he lives locally as this 'game' has been going around on social media around my area but he does want his money back. If the bank does investigate this would they be likely to take legal action against this guy or place restriction on him banking. Personally I wouldnt even care at this point as £160 is a lot of money and he's been unfairly lured into making a payment.

I appreciate any suggestions or support for my various questions about what he can do and the repercussions involved. I've tried my best researching online but the whole refunding of bank transfer scams is very vague and I can't find any examples of his specific problem. :)
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Comments

  • eskbanker
    eskbanker Posts: 37,073 Forumite
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    He won't get anything back from the bank - why should they be expected to underwrite his stupidity and naivety?

    He could go to the police if he believes (and has evidence) that a crime has been committed, but it's not clear that this is the case from what you've posted.

    £160 might seem like a lot of money but it's not that expensive for a valuable life lesson, which is how he should treat it IMHO....
  • ryzah
    ryzah Posts: 3 Newbie
    Thanks for the reply. Yeah more research shouldve been done before joining this 'game' its quite silly of him but people my age (19) see that sort of money and jump before thinking

    Yeah I'm sure the police could do something but im certain he won't want to go down that route. so is there any point even contacting the bank?

    Open to more suggestions from people especially if anyone else has experienced anything similar. Once I've got a few more replies I'll then give him a final answer
  • eskbanker
    eskbanker Posts: 37,073 Forumite
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    ryzah wrote: »
    is there any point even contacting the bank?
    No.

    They haven't done anything wrong so won't entertain any suggestion of refunding your friend.

    "they can see that this guy he sent the money to has received 8 payments in quick succession of £160?" - no, they can't, unless the recipient uses the same bank as your friend.

    "If the bank does investigate this" - why would they?

    Sorry, you're barking up the wrong tree here....
  • ryzah
    ryzah Posts: 3 Newbie
    im no expert hence why im here those were only assumptions I thought they would be able to see if it was investigated and they communicated between banks. clearly wont be investigated if they dont refund people in cases like this
  • phillw
    phillw Posts: 5,665 Forumite
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    edited 27 March 2019 at 3:56AM
    ryzah wrote: »
    My friend wants to know if theres anything he could say to his bank without incriminating himself

    What crime does he think he has committed?
    ryzah wrote: »
    and he's been unfairly lured into making a payment.

    How was he unfairly lured? If there was a contract then he could try the small claims court, but I suspect there is nothing close to a contract.
  • Takmon
    Takmon Posts: 1,738 Forumite
    1,000 Posts Second Anniversary Name Dropper
    ryzah wrote: »
    Yeah I'm sure the police could do something but im certain he won't want to go down that route. so is there any point even contacting the bank?

    The police won't be able to do anything because Pyramid Schemes aren't illegal. This is what happens in all Pyramid schemes; where the original people get some money the lack of new people joining soon means it ends with people at the bottom not getting anything.

    But it's obvious that people will eventually pay money but not receive any because it can't go on forever so there is no scam here or anything illegal.
  • 18cc
    18cc Posts: 2,120 Forumite
    Pyramid schemes are illegal in the UK and it is a criminal offence to run one

    https://www.gov.uk/government/publications/pyramid-selling-advice-for-the-public-and-communities
  • Takmon
    Takmon Posts: 1,738 Forumite
    1,000 Posts Second Anniversary Name Dropper
    18cc wrote: »
    Pyramid schemes are illegal in the UK and it is a criminal offence to run one

    https://www.gov.uk/government/publications/pyramid-selling-advice-for-the-public-and-communities
    18cc wrote: »

    I didn't realise they were illegal, i thought they were allowed as long as people were not mislead about what was happening. But i suppose too many silly people enter into this without understanding it then complain when it all goes wrong.
  • eskbanker
    eskbanker Posts: 37,073 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ryzah wrote: »
    I've tried my best researching online but the whole refunding of bank transfer scams is very vague and I can't find any examples of his specific problem.
    At the risk of labouring the point, you're probably looking in the wrong place - this isn't by any stretch of the imagination a 'bank transfer scam'!

    Your friend knowingly and willingly chose to participate in a scheme and subsequently (rightly!) decided that he wanted to stop doing so. The scheme certainly sounds like a scam but the fact that he chose to make a payment by bank transfer is incidental, so your choice of 'bank transfer scam' in both the title and content of this thread is misleading and inappropriate.

    If he'd paid by cheque, would you/he have described it as a 'cheque scam'? Or an 'ATM scam' if he'd used cash....?
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