Promises, promises and more promises

The opportunity is attractive. The advertised returns are impressive, though perhaps too good to be true. Charlie hesitates at first, but his curiosity gets the better of him: He clicks on a link and fills out a form to get more information. He tells himself he has nothing to lose because he hasn’t committed to anything yet.

A little while later, an “adviser” texts Charlie. The message’s tone is professional and reassuring. The person offers him an opportunity to invest in crypto through an on-line trading platform. The platform is well designed, modern and credible looking. The “adviser” suggests he start with a “reasonable” amount ($350) to “test the platform.” They promise Charlie quick profits and are willing to answer his questions.

For the first time in ages, Charlie feels like he is being offered a real opportunity to finally make some money.

When the money seems within reach

Charlie, seduced by the idea that he might actually be able to tangibly improve his financial situation, decides to give the platform a try by investing the suggested amount. The figures displayed on the platform appear as if they are increasing fast. Earnings are piling up. The positive comments he sees on-line are bolstering his confidence. Everything seems to prove that he has made the right decision.

Charlie is gradually looking ahead to a brighter future. The money could open doors that up to now have been closed to him. He finds any warnings he gets from friends and family excessive. Even his financial institution is expressing reservations, but Charlie minimizes them. After all, he can see the results with his own eyes.

Convinced he finally holds the key to a different future, he dismisses everyone’s warnings and invests more and more money, driven by the sensation that each amount invested is bringing him one step closer to the life of his dreams.

What he doesn’t realize is that everything he is seeing has been carefully staged by fraudsters.

When it all falls apart

When Charlie decides to withdraw his money so he can turn his plans into reality, things stop going smoothly. He is asked to pay service fees and tax-related charges before he can retrieve his earnings. The “adviser” insists that these charges are normal and temporary.

This time, Charlies is having doubts. He asks more questions. Next thing you know, there’s radio silence: the "adviser" is no longer answering his queries. Charlie can’t access the platform anymore and his money has disappeared.

It dawns on Charlie that he’s been scammed. He realizes that he had never taken the time to check whether the platform and adviser are registered with the AMF. The professional looking platform, promises and (fake) results had led him to believe the service was legitimate. He also realizes that the hopes he had placed in promises of quick profits were so strongly felt that they had triumphed over his doubts.

The loss hits him hard not only because his money is gone but also because any hopes he had nursed of finally clearing his path ahead of financial obstacles had evaporated.