bank transfer scam HELP

Polarpenguin

https://www.bbc.co.uk/news/uk-scotland-47749585

Article about this on BBC

AnotherJoe

Wow this sort of scheme was around 40 and 50 years ago with people posting cash in envelopes. Amazed to see it's still going
As others have said, £160 is very good value for the education your innumerate friend has (hopefully) received. Well worth it. Perhaps he won't invest in the next LC&F or storage pods and that will have saived him tens of thousands of pounds.
Tell him he's a prat, has done his money, he's equally culpable and should stop playing the victim, and it's a valuable life lesson if he chooses to learn.

robatwork

Polarpenguin wrote: »

https://www.bbc.co.uk/news/uk-scotland-47749585

The article says
"Sarah called her bank who investigated it as a fraud. Because her money was still in the account she sent it to, they refunded her."

Must be more to this, as this itself is open to fraud.

alanwsg

Flobberchops wrote: »

I don't "get" the premise of this scheme. If over the course of one Round Robin of payments you'll have sent 8 lots of £160 and in turn received £1280 - you're back at square one? Why would anybody take all that risk of being ripped off by any one of eight people, for zero profit?

No, you only pay one lot of £160 in, the other seven lots of £160 come from seven other [STRIKE]investors [/STRIKE] idiots.

Uxb1

The sad reality is that much of the UK economy and certainly the state pension scheme are essentially just a variation of the same ponzi/pyramid concept.
The only difference is that HMG is running them so they are declared legal

You NI contributions supposedly go towards your state pension and the more years you contribute the more pension you get and you can check your number of qualifying years under your NI number on the HMG website.
In reality of course your contributions just go into general taxation and are being used to pay out the pensions of existing state pension receivers.
Whether there will be enough money to pay YOUR pension in XX years time no one knows. If not then HMG will just change the rules to make the pensionable age higher or I fear one day might even "means test" the pension so those with already a large private pension will get nowt.

Then there is the UK economy which basically only works by continual growth - we need ever more economic activity in the future to pay off the debts accumulated today from all those fancy new roads, hospitals and dare I say it social care costs.
Eventually - maybe 100 or 200 years time it will all collapse as the ability to generate new growth will cease - presumably once every single part of the UK has been built on.