In recent years, there has been a disturbing rise in cryptocurrency scams. In 2024 alone, the UK authorities reported that £649million had been lost to investment fraud, with this figure likely to be much higher when including unreported cases.
One fraudulent entity which a lot of individuals have fallen victim to is BIW management. In this article, we will explore further into the BIW management scam, the warning signs of the scam, and what to do if you have been a victim of this fraudulent scheme.
What is the BIW Management scam?
Unlike some scams which start with contact out of the blue, the BIW management scam typically begins with users approaching them. Most of the time, the scam is advertised on legitimate sites such as Facebook, offering an investment from as little as £250.00. The advert also often offers quick, high returns on the investment, which helps to lure investors in.
Once interested, the victim will often fill in an enquiry form, where they provide some initial details before a member of the BIW team will reach out and an account manager is assigned. The account manager will often sound very professional with regard to trading, impressing the victim with their sheer knowledge regarding investments.
The account manager will often use high pressure sales tactics, in order to convince individuals to quickly deposit into the platform, by sending funds to what appears to be the BIW company account.
Once the payments have been made into the platform, users may be able to withdraw a small amount for the scammers to gain the trust of the victim. However, once the victim attempts to withdraw a larger amount, they will be asked to pay fees such as withdrawal and tax fees, in order to receive their money.
The scammers will continually move the goalposts when it comes to withdrawal, until the victim finally realises they have been scammed.
How BIW Management Scams Users
BIW is able to entice users into investing with their platform, by promising initial small investments with healthy returns. Once the initial investment has been made, promises of further profits are made to convince the victim to invest more.
On 4 March 2025, the Financial Conduct Authority (FCA) issued a warning about BIW, urging consumers to exercise caution. The FCA highlighted that this firm is not authorised to provide financial services or products, which should serve as a red flag for anyone considering engaging with them.
Warning Signs of Potential Investment Scams
There are several key warning signs to watch out for to help you identify potential investment scams:
- Promises of high returns: If an investment opportunity sounds too good to be true, it probably is. Be cautious of any claims that guarantee high returns with little risk.
- Lack of authorisation: Always verify whether the firm is registered with financial regulatory bodies like the FCA. If they are not authorised, avoid any dealings with them.
- High pressure tactics: Scammers often create a sense of urgency to push victims into making quick decisions. Take your time and do thorough research before investing.
How to avoid falling victim to the BIW scam or similar investment scams
Before making an investment using any new platform or service, be sure to validate the platform you are using.
- Always do your research before investing: Make sure to check reviews online of the company, to ensure the company has positive reviews from other users who have invested with them.
- Check the FCA register: Always make sure the company is FCA registered, and does not have a warning against them on the FCA website.
- The opportunity looks too good to be true: If the account manager is promising unrealistic returns, it may be the case the investment is too good to be true, and is not genuine.
- Demands for further funds: A genuine account manager would never pressure you into depositing more funds, and is a big warning sign that you are being scammed.
What to do if you have been the victim of the BIW scam
If you have lost funds to the BIW scam, there are a number of steps you can take to help prevent others from losing funds and to begin recovering what’s rightfully yours.
- Contact Action Fraud: If you have fallen victim to the BIW Management scam, reach out to Action Fraud who will conduct an investigation and produce a report which may be useful in the future.
- Contact your bank: If you have sent money from your bank to a scammer, your bank may be able to cancel any pending payments.
- Get professional help: Get in touch with Wealth Recovery Solicitors. Our friendly UK-based team have successfully recovered over £50,000,000 for client just like you, and we could help you recover funds lost to BIW and other fraudulent investment schemes.