As a seasoned financial analyst with a background in cryptocurrency and a history of encountering various forms of investment scams, I find this latest scheme particularly alarming. The use of fake business professors and academic institutions to lure unsuspecting investors into fraudulent schemes is not only unethical but also downright dangerous.
As a crypto investor, I’ve recently become aware of a dangerous new scheme. The con artists behind it pose as reputable business professionals to lure unsuspecting investors into fraudulent schemes. Be cautious and verify the identities and legitimacy of any individuals or organizations you consider investing in. Always do your own research and due diligence before making any investment decisions.
The Washington State Department of Financial Institutions (DFI) has issued a cautionary notice. It reveals that this scam initiates through alluring investment proposals advertised on social media sites such as Facebook.
When users click on the ad’s link, they get taken to a site where they encounter a message supposedly penned by a professor or dean. However, it’s important to note that this website is likely run by scammers. To boost their trustworthiness, these fraudsters assert ties to an “Academy,” “Business School,” or “Wealth Institute.”
Individuals with titles like professor, advisor, or assistant are extending invitations to those who might be interested to join WhatsApp or Telegram communities they manage. It’s important to note that there could be other participants in these groups who claim to be investors. The Decentralized Finance (DFI) organization issues a warning that some of these individuals could be part of the scheme or bots.
In these communities, members receive daily trade recommendations and financial advice, promising substantial profits.
The victims are given access to a site where digital currencies are traded and urged to invest based on the guidance of the collective.
Scammers often deceive victims by proposing large loan or credit offers to help them fulfill the financial prerequisites for joining certain schemes, which ultimately turn out to be fraudulent.
Informal processing of false loans takes place through messaging platforms, giving an illusion of legitimacy. Applicants may be required to disclose their financial details, including credit scores, and forge signatures on fabricated loan agreements.
If a victim declines a loan proposal, intermediaries covertly acquire cryptocurrency funds for them and transfer the funds into the victim’s trading account. An image serving as evidence of the transaction is subsequently presented to the victim.
The DFI uncovered that these transactions did not exist on blockchain records, making them appear false.
Instead of telling victims they can pay back their loans with earnings from the platform, only to have their accounts frozen and be required to cover the debt with their personal funds, a clearer way to phrase this would be:
Scammers also threaten victims with legal action if they deny repayment.
“The statement reported that no investor has successfully withdrawn their funds by repaying their loan to DFI as of yet.”
The DFI uncovered another scheme involving the same deceitful methods, resulting in a victim losing $300,000. The target of the fraud was the “Excellence and Innovation Fortune Business School,” which falsely presented itself as a financial institution, but was actually a disguise for the ICHCOIN cryptocurrency scam.
In the realm of cryptocurrencies, it has unfortunately become common for deceitful individuals to pose as experts and perpetrate scams.
As a crypto investor, I’ve come across a cautionary notice issued by the UK regulators regarding a deceitful email scam. In this scheme, fraudsters disguise themselves as lawyers and extort cryptocurrency payments from unsuspecting victims. They claim to possess damaging videos that could negatively impact the recipients’ reputations if not paid off. It’s essential for us to stay vigilant and never respond to such emails or transfer funds without verifying their authenticity first.
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2024-07-17 12:50