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r client is a 57-year-old man from West Yorkshire who coaches grassroots football in his spare time. He had banked with First Direct for over 17 years — an unremarkable, disciplined customer with no history of international payments and no experience of cryptocurrency.

In late 2024 he had just received a released pension lump sum. That single fact — a newly liquid saver in his late fifties — is a well-documented target profile for organised investment fraud.

The scammers knew exactly how to reach him. They cold-called him about his own pension, cited details that felt personal, and introduced themselves as “Frank” from a firm called “Fiatvisions”. None of it was real.

Double Victimisation

After the initial scam, a third fraudster contacted him posing as a “fund recovery service” — a common secondary attack on already-defrauded victims. He avoided the trap and came to a regulated firm instead.

Inside the “Fiatvisions” Pension Scam

1. The Cold Call
   ‘Frank’ from ‘Fiatvisions’ calls out of the blue — but references the client’s own pension. Personalised details manufacture instant credibility.
2. The Fake Platform
   The victim is walked through a slick ‘trading platform’ showing live positions, dashboards and support chat — every screen a fabrication.
3. The Legitimising Return
   About £900 is paid back to the victim’s bank account, dressed up as ‘first profits’ — enough to justify the next, much larger transfer.
4. The structured drain
   Six transfers over eleven weeks — two sized under £8,000 and £10,000 thresholds on the same day — drain £29,117 to Critto Technologies, a Luxembourg on-ramp. Then silence.

The Money Trail

Six transfers. One drained account.

All funds were converted GBP→EUR and sent to Critto Technologies, a payment institution in Luxembourg operating as a cryptocurrency on-ramp. From there, funds moved into criminal-controlled wallets.

Why this case sat outside the mandatory APP scheme

The PSR’s mandatory reimbursement regime covers UK Faster Payments only. These were cross-border GBP→EUR transfers to Luxembourg, and 18 months had elapsed — putting the case beyond the scheme. We rebuilt the claim on the bank’s own common-law and regulatory duties instead.

Stuart Fraser’s Journey: From Despair to Recovery – Reclaiming Over £50,000 from Investment Scams

At 62, Stuart Fraser found himself ensnared in the deceptive world of online investment fraud. What began as seemingly genuine connections on Telegram quickly spiraled into devastating financial losses. Scammers built false rapport, posing as friends while exploiting his trust, only to demand more money under pretexts like “closing positions” or “fund verifications.” The banks, meant to protect him, instead amplified his shame by blaming him for the transactions. Overwhelmed and ready to give up, Stuart felt isolated and defeated—he just wanted to forget it all and move on.

That’s when he took a leap of faith and registered on the AY Legal website. Within moments, Maurice reached out with a calm, confident call. Stuart was initially skeptical, his trust shattered by the scammers’ betrayal and the banks’ indifference. But Maurice’s precise questions cut through the chaos, assessing the situation while reassuring Stuart that he wasn’t alone. By gathering key documents and outlining a clear path forward, Maurice restored a sense of control to Stuart’s life. “From that first conversation,” Stuart later reflected, “I started feeling like I could breathe again—someone was finally listening and fighting for me.”

In Stuart’s first case, involving a £73,836.31 loss to a fraudulent entity called “Wellingt” via Remitly bank transfers, AY Legal acted swiftly. We demonstrated how the scammers manipulated Stuart into atypical transactions, highlighting the profound mental and emotional toll it took on him. The bank couldn’t refute the evidence, and we secured a reimbursement of £36,918 in just one month, wrapping up by July 30th.

The second case proved more challenging: a £34,000 loss to “OTDATA,” transferred from Starling Bank to Revolut. When Revolut declined reimbursement, Ariel didn’t hesitate. Shocked by the bank’s stance on what was clearly a strong case, Ariel escalated to the Financial Ombudsman Service (FOS) with fearless precision. His wow moment came in meticulously dissecting every detail—uncovering regulatory oversights and reframing the narrative to emphasize Stuart’s vulnerability and the scammers’ tactics. Ariel’s professional yet approachable style ensured a swift investigation, resulting in a decisive win: £18,064 returned to Stuart. From start to finish, this case spanned April 7th to August 14th, under five months.

Throughout, AY Legal’s team embodied a caring yet unyielding approach, turning Stuart’s hopelessness into empowerment. No longer burdened by shame, he regained not just his funds but his peace of mind. Today, Stuart stands as a testament to what’s possible when you partner with experts who prioritize your story and deliver results.

If you’ve been victimized by similar scams, know this: You’re not alone, and recovery is within reach. Contact AY Legal today to take back control—just like Stuart did.