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Aging Gullible Dad sends funds to Option888 | Advice appreciated

  • 31-07-2018 11:06am
    #1
    Registered Users Posts: 54 ✭✭✭ blackiebest1


    Hi Guys and thank you in advance for any constructive input in my scenario;

    My 79yr old Dad recently replaced his daily newspapers for an iPad which has been insightful to say the least! I recently got a call from a friend who works in a print shop explaining that he was there getting a PDF made of both his and my mothers Passport, with all details shown, the front and back of his Credit Card and copies of his bank statements which he intended to email to a company called Option888 dot com. I stopped him from doing so.

    It transpired that he had already allowed them, over the phone, to remove E888.00 from his card to set up an account on their trading platform. He had received a random phonecall from a 'trader' who convinced him he would get rich by buying Bitcoin! We canceled that card.

    My parents are NOT at all well off and this money is a big hit. As it stands, the company have created an account for him on their platform however they will not 'activate' his account without the photocopy of passport etc being sent on to them.

    My question is if anyone has any knowledge about this company? Should we just forget the disaster or should I try to activate the account and then withdraw whatever we can?

    Neither I or my Dad have any knowledge about crypto currency but if I can get any of the funds back, then it would be a big help, even for his self esteem which has taken a battering over this and several other, less serious but incomprehensible decisions he has made.

    Thanks. BB


Comments

  • Moderators, Society & Culture Moderators Posts: 15,418 Mod ✭✭✭✭ smacl


    Hi Guys and thank you in advance for any constructive input in my scenario;

    My 79yr old Dad recently replaced his daily newspapers for an iPad which has been insightful to say the least! I recently got a call from a friend who works in a print shop explaining that he was there getting a PDF made of both his and my mothers Passport, with all details shown, the front and back of his Credit Card and copies of his bank statements which he intended to email to a company called Option888 dot com. I stopped him from doing so.

    It transpired that he had already allowed them, over the phone, to remove E888.00 from his card to set up an account on their trading platform. He had received a random phonecall from a 'trader' who convinced him he would get rich by buying Bitcoin! We canceled that card.

    My parents are NOT at all well off and this money is a big hit. As it stands, the company have created an account for him on their platform however they will not 'activate' his account without the photocopy of passport etc being sent on to them.

    My question is if anyone has any knowledge about this company? Should we just forget the disaster or should I try to activate the account and then withdraw whatever we can?

    Neither I or my Dad have any knowledge about crypto currency but if I can get any of the funds back, then it would be a big help, even for his self esteem which has taken a battering over this and several other, less serious but incomprehensible decisions he has made.

    Thanks. BB

    Given they won't activate the account they haven't delivered any goods or services. I'd start by contacting them asking for a refund in full, then contact the credit card company looking for a chargeback. I'd also let them know you'll be in touch with the police for attempting to defraud the elderly.


  • Registered Users Posts: 13,671 ✭✭✭✭ Inquitus


    smacl wrote: »
    Given they won't activate the account they haven't delivered any goods or services. I'd start by contacting them asking for a refund in full, then contact the credit card company looking for a chargeback. I'd also let them know you'll be in touch with the police for attempting to defraud the elderly.

    Aye they are legit enough to not allow you to trade until you have identified yourself with Passport per the law, and their website seems legit, so I would hope, despite their shady cold calling an elderly person, that they would give you a refund in full with no questions asked, as you have not activated the service yet and are not going to. As mentioned a chargeback should be granted by the card issuer if asking for the money back fails and should be pursued as a 2nd option.

    I would just count yourself lucky you intercepted this, this site allows you to leverage the money deposited so you can lose far more than just 888 euro off of 888 euro deposited. Disgraceful they would cold call a pensioner tbh!


  • Registered Users Posts: 3,359 ✭✭✭ dubrov


    Your Dad got lucky and they will refund no problem.

    You need to hammer home the point to never give any information or money to a cold caller


  • Registered Users Posts: 78,316 ✭✭✭✭ Victor


    Scammers look for passport scans so they can carry out other scams.
    a company called Option888 dot com.
    Check with Central Bank to see if they are licenced. https://www.centralbank.ie/regulation


  • Registered Users Posts: 13,671 ✭✭✭✭ Inquitus


    Victor wrote: »
    Scammers look for passport scans so they can carry out other scams.
    Check with Central Bank to see if they are licenced. https://www.centralbank.ie/regulation

    They are offering Spread Betting not Options trading, so do not actually need to be registered with the Central Bank fwiw, they are legit as far as I can determine however.


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  • Moderators, Society & Culture Moderators Posts: 6,769 Mod ✭✭✭✭ nuac


    Spread betting is a dangerous venture for a 79 year old, even if he had similar experience all his life.

    Suggest you demand return of all funds and documentation and deletion of account.

    If not done by return, solicitor time


  • Registered Users Posts: 1,317 ✭✭✭ Dr Bolouswki


    With compassion and kindness, it might be worthwhile going with your dad to a specialist who can help with problems associated with aging, decision making etc. Little bit of help and insight can go a long way.

    My father had a similar issue - all got sorted through some hard talking with the company and eventually a chargeback when they dragged their heels. CC company just needed the email exchanges and reported conversations to verify the chargeback.

    I'm pretty certain you can get the money back no problem.


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,708 CMod ✭✭✭✭ unkel


    With compassion and kindness, it might be worthwhile going with your dad to a specialist who can help with problems associated with aging, decision making etc.

    That's a bit OTT in fairness. His dad has a competent son who can take care of this!

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 1,317 ✭✭✭ Dr Bolouswki


    I've had a number of elderly relatives benefit from help when a series of things like this have occurred. It might be nothing, or it might not. Only the OP knows if its concerning enough to follow up - the reference of "other incomprehensible decisions" indicates to me that it's worth checking out to see if any help can be given. I don't see a downside. It's all part of life.


  • Registered Users Posts: 54 ✭✭✭ blackiebest1


    Many many thanks for your excellent advice guys! For sure as a family we must address why Dad has found himself in this position and yes, there are other instances of similar irrational actions. There is no doubt that he is unaware of the various scams and it seems he can be taken in by slick salespeople or offers which to the rest of us would be obvious 'stay aways'. I will update this thread as to how we get along in dealing with this. Again many thanks, I will get Dad to read this thread to see for himself the advice which has been offered.


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  • Registered Users Posts: 4,655 ✭✭✭ makeorbrake


    There is no doubt that he is unaware of the various scams and it seems he can be taken in by slick salespeople or offers which to the rest of us would be obvious 'stay aways'.
    This is why door to door sales and cold calling needs to be outlawed. It's rare that something good comes from it (whereas on the flip side, its quite often that vulnerable people get taken advantage of, mis-sold on products/services, etc.). It had a function back in the day but today - when we decide we need a service/product - we simply order it up.


  • Registered Users Posts: 54 ✭✭✭ blackiebest1


    Ok so after extensive unanswered emails to Option888, Dad's CC company have requested me to send in a copy of all correspondence to them and indicated they will deal with the claim. As it is outside the 60 day reporting timeframe, they can only deal with it over the telephone however the incredibly helpful customer care representative has given me great hope that the funds will be refunded by them, to my Dad!

    She mentioned how common this type of report is becoming with hundreds of cases every month. There is no doubt that the elderly are being targeted so tell your loved ones to be aware!

    Again, thanks for all the help!


  • Registered Users Posts: 4,655 ✭✭✭ makeorbrake


    It's good experience to go through the charge-back process - as no doubt you will want to use it again at some future point.


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