The Investment Usually Follows the Relationship
City of London Police figures cited by the FCA put losses to romance fraud at more than £106m in the 2024/25 financial year, and the FCA reports that 85% of cases start online, mainly on social media and dating sites.
In many cases the request is for an investment rather than help with an emergency. The new contact describes profits from a trading platform or a cryptocurrency scheme and offers to show the victim how to take part. The FCA advises that an investment suggested by someone you have only met online should be treated as a warning sign.
The Platform They Recommend Can Be Checked
The person may be impossible to verify, but the platform is a business with a name, a website and a bank account. Find out the exact name of the firm that runs the platform, then search for that name on the FCA Register and the FCA Warning List.
A firm offering trading or investment services to UK customers must be authorised by the FCA, and a cryptoasset business must be registered with the FCA under the money laundering regulations. Confirm that the website address you were given is the one the Register lists for the firm.
A Rising Balance Is Not Evidence of a Real Investment
Platforms used in these frauds often display a growing balance and may allow a small first withdrawal, which makes the scheme appear genuine and encourages larger deposits. A balance on a screen shows only what the platform chooses to display.
A request to pay a fee, a tax or a release charge before money can be withdrawn is a common sign that the money will not be returned.
Keep Control of Your Money and Your Devices
Do not allow a new contact, or anyone they introduce, to install software on your computer or telephone or to open accounts on your behalf. A request to pay only in cryptocurrency, to a personal account, or to a company whose name differs from the platform is a reason to stop.
Before transferring money, use your bank's Confirmation of Payee check to confirm that the receiving account is held in the exact name of the authorised firm.
If Money Has Already Been Sent
Call your bank straight away on 159 or on the number printed on your card. A bank transfer to a fraudster made on or after 7 October 2024 may be reimbursable under the Payment Systems Regulator's rules. Report the fraud to Report Fraud on 0300 123 2040, or to Police Scotland on 101 in Scotland.
Be wary of anyone who later offers to recover the money for a fee. Report Fraud warns that victims are often contacted again by people claiming they can help.
How MetaAshes Examines This
A MetaAshes assessment cross-references a firm's details against the official record in a single pass. For this question, the most relevant checks include:
- Authorisation status
- FCA Warning List screening
- Official website on record
- Domain registration age
- Method of first contact
- Payment method
- Payee name verification
- Promised returns
- Withdrawal and release fees
- Remote access requests
Frequently Asked
Is it a scam if someone I met online suggests an investment?
The FCA treats an investment suggested by someone you have only met online as a warning sign. Check the firm behind the platform on the FCA Register and Warning List before paying anything, and never pay because the person asks you to.
What should I do if I have already sent money?
Call your bank on 159 straight away, then report the fraud to Report Fraud on 0300 123 2040, or to Police Scotland on 101 in Scotland.
Can MetaAshes check a platform someone recommended to me?
Yes. Enter the platform's name, website and the payment details you were given, and the assessment compares them with the FCA Register and Warning List, the company record and the age of the website.
This guide is provided for general information and does not constitute financial or legal advice.