Family warns others after crypto scam costs elderly man £3,000
A family in South Tyneside is urging others to stay alert after an elderly relative was tricked into transferring nearly £3,000 to a fraudulent cryptocurrency scheme.
A South Tyneside family has spoken publicly after an elderly man lost almost £3,000 to a highly persuasive cryptocurrency scam, according to a recent BBC report. The scammer contacted the victim repeatedly over several weeks, initially offering help with online banking before shifting to an ‘investment opportunity’.
According to the family, the caller built trust by using personal details, even fabricating a story about ‘free Bitcoin’ awarded to the man years earlier.
Police said the scam fits a growing trend of crypto-related fraud. The victim, under the scammer’s guidance, opened multiple new bank accounts and was eventually directed to transfer nearly £3,000 into a Coinbase-linked crypto wallet.
Attempts by the family to recover the funds were unsuccessful. Coinbase said it advises users to research any investment carefully and provides guidance on recognising scams.
Northumbria Police and national fraud agencies have been alerted. Officers said crypto scams present particular challenges because, unlike traditional banking fraud, the transferred funds are far harder to trace.
Community groups in Sunderland, such as Pallion Action Group, are now running sessions to educate older residents about online threats, noting that rapid changes in technology can make such scams especially daunting for pensioners.
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