Scam Bitcoin Ads Using Unauthorized Celebrity Images

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Scam Bitcoin Ads Using Unauthorized Celebrity Images

A fraudulent Bitcoin ad that trades off unauthorized images celebrities is part of a highly organized global business that uses five addresses in the heart of Moscow. 

The scale of the scams was so large that it was difficult for Google to block them and Australian regulators to take action.

In the most common form of fraud, an unconscious user who clicks on an ad is taken to a fake news article that contains a link that claims to be a cryptocurrency investment scheme. 

When you enter your details to enroll in the scheme, you will usually receive a call asking you to invest a small amount, such as US $ 250, and then invest a larger amount.

IDCare, a registered charity that helps people who have been scammed online, has been contacted by victims every business hour since March, its managing director told Guardian Australia.

“This is becoming more and more common. For some of these people, they have lost their entire life savings,” said Professor David Lacy.

Why does it hurt?

Janice, a 77-year-old grandmother from the Sunshine Coast of Queensland, saw an ad on Facebook earlier this year advertising Forest’s promotion of the Bitcoin investment scheme. She clicked to find out more and was presented with a story on a fake news site that also mentions the project’s host, Waled Aly.

After entering her details, she received a call from a man with an English accent recommending an investment in the scheme, so she sent $ 5,000 to the crypto exchange Jubiter through her bank. did.

Janice finally handed the scammer $ 80,000 before her daughter told her it was a scam. Despite contacting her bank, police and the Australian Competition and Consumer Commission’s Scamwatch website, she was unable to get her money back.

Celebrity recommendations for fraud are “general deceptive techniques,” says Lacy.

“In Germany, Boris Becker is pushing for investment in cryptocurrency fraud. Of course, he doesn’t, but fraudsters know that his celebrities attract and support fraud. People think about investing in the US dollar: “Why does it hurt? It doesn’t cost much.”

Lacy says initial investment is a ploy to feed people.

“In fact, the real value to scammers isn’t the first US $ 250, but the collection of contact details from someone they know is ready and ready to explore the world of cryptocurrency investment. it’s finished.”

How does scam work?

Guardian Australia has begun the process of signing up for fraud to determine how people were fooled into paying.

 A fake news site used for fraudulent advertising. The site I signed up for claimed to be a Bitcoin trading service called Bitcoin Up, but was eventually directed to another site called Gtlot, which claims to be a cryptocurrency trading platform. I did. It operates from the Grenadines of St. Vincent and the Caribbean and does not regulate the forex trading platform.

About 5 minutes after signing up for the service, I got a call from the Netherlands. The guy on the line tried to guide the sign-up process, claiming that he could make $ 500 to $ 3,000 a month from an initial investment of $ 250.

He claimed that the government was phasing out banknotes for Covid-19, so it was a good time to get in.

When I told him I was a reporter, he refused to link to fraudulent ads and still tried to get me to enter my credit card details and invest money.

At best, these services can cause people to lose most, if not all, of their money, and there are few means to get their money back, very risky and often unregulated foreign exchange. Encourage you to invest in a forex trading platform.

At worst, they are scams and are designed to encourage people to give more and more money to regain their initial investment.