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Ben Jones
Ben Jones, UK Lawyer
Category: Fraud Examiner
Satisfied Customers: 45343
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
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I was emailed by a company called Protected Profits who offer

Customer Question

I was emailed by a company called Protected Profits who offer software for binary option trading and they required me to deposit 250 with their recommended broker Inside Option.This I did and started the automatic trading process. I lost my £250 in a short period and thought I was stupid to trust them and put it down to a bad experience. A few weeks later I noticed that a withdrwal had been made from my debit card for £2500 without my approval and I immediately contacted my bank. Fotunately after the recommended (by banK) 7 day wait the withdrawal expired, I changed my card and was told by the bank that vI need do no more and the transaction was now void. However one month later on 12/10/15 another unauthorised withdrawal was made which this time came immediately out of my bank account. On looking at my account at Inside Option I can see in the history section three transactions. First the initial £250 on 17/9/15. Second the unauthorised deposit on 12/10/15 - the status of both these transactions is stated as approved and third an unauthorised withdrawal of £2000 which is stated as by Wire (and not credit card as the two deposits) with the staus Pending. Ontrying myself to withdraw the £2500 I am bnnlocked due to the pending Withdrawal so am unable to tetrieve my funds. I suspect a very sophisticated fraud is taking place. My bank are investigating and have disputed the traansaction with Inside Option. Have you any recommendations as to other options I should consider . Would be very grateful for advice.
Submitted: 1 year ago.
Category: Fraud Examiner
Expert:  Ben Jones replied 1 year ago.
Hello, my name is***** am a qualified solicitor and it is my pleasure to assist you with your question today. If you give out your card details that effectively gives the other side authorisation to use it to make recurrent payments. This is dangerous because it basically allows them to charge your card whenever they believe money is owed and they do not need your permission to do so. Your initial consent is sufficient. Whilst 99% of companies will never abuse this and will only take money that is genuinely due, a small proportion use this loophole in a fraudulent manner. They often complicate matters even more by not providing any contact details which makes it very difficult to contact them to try and cancel the payments. However, you are able to stop such continuous payments by contacting your bank, advising them you are withdrawing your authority and making a formal request for them to terminate these payments. This should hopefully resolve the ongoing issue of the payments being taken. In relation to payments already taken, the bank may be able to issue a chargeback notice and try to claw this money back, but if that is not possible then you are only left with the option of taking legal action against the company that took the payments. However, this is rarely successful so do not just jump for that. An alternative is to actually close the account down and open a new one, with different account number and different card number. If you wish to report this, all scams can be reported to Action Fraud on 0300(###) ###-####or by visiting http://www.actionfraud.police.uk/report_fraud. You may also report this to your local police station as they are capable of dealing with scam reports, although they will rarely get involved unless you have suffered any losses. I hope this has answered your query. I would be grateful if you could please take a second to leave a positive rating (3, 4 or 5 stars) as that is an important part of our process and recognises the time I have spent assisting you. If you need me to clarify anything before you go - please get back to me on here and I will assist further as best as I can. Thank you
Ben Jones, UK Lawyer
Category: Fraud Examiner
Satisfied Customers: 45343
Experience: Qualified Solicitor - Please start your question with 'For Ben Jones'
Ben Jones and other Fraud Examiner Specialists are ready to help you
Customer: replied 1 year ago.
Does not tell me how I can recover monies - the money is sitting in my Inside Option account but they are blocking me from withdrawing it - this is surely fraudulent?
Expert:  Ben Jones replied 1 year ago.
It is not necessarily fraudulent because it depends on what the original agreement was and your contractual right to withdraw that money whenever you wish. If you had to pursue them for the money then it would likely end up in court, should they refuse to pay you.
Whenever a dispute arises over money owed by one party to another, the debtor can be pursued through the civil courts for recovery of the debt. As legal action should always be seen as a last resort, there are certain actions that should be taken initially to try and resolve this matter informally and without having to involve the courts. It is recommended that the process follows these steps:
1. Reminder letter – if no reminders have been sent yet, one should be sent first to allow the debtor to voluntarily pay what is due.
2. Letter before action – if informal reminders have been sent but these have been ignored, the debtor must be sent a formal letter asking them to repay the debt, or at least make arrangements for its repayment, within a specified period of time. A reasonable period to demand a response by would be 10 days. They should be advised that if they fail to do contact you in order to resolve this matter, formal legal proceedings will be commenced to recover the debt. This letter serves as a ‘final warning’ and gives the other side the opportunity to resolve this matter without the need for legal action.
3. If they fail to pay or at least make contact to try and resolve this, formal legal proceedings can be initiated. A claim can be commenced online by going to www.moneyclaim.gov.uk. Once the claim form is completed it will be sent to the debtor and they will have a limited time to defend it. If they are aware legal proceedings have commenced it could also prompt them to reconsider their position and perhaps force them to contact you to try and resolve this.
Whatever correspondence is sent, it is always advisable to keep copies and use recorded delivery so that there is proof of delivery and a paper trail. The court may need to refer to these if it gets that far.

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