Impersonator scammers often pose themselves as billionaires or as celebrities promising to multiply the amount if an investor invests in their schemes online.
Cryptocurrencies like bitcoins have accomplished great hype in online trading, and smart investors make a big profit. But the idea of getting rich in a short period can blind some people resulting in falling into scams and losing their money.
According to the Federal Trade Commission(FTC), the impersonators of a well-known company’s CEO have stolen at least $2 million from cryptocurrency investors in a so-called giveaway scam.
Nearly 7,000 people have reported bogus investments from October to March and lost more than $80 million in total.
Cyber-Forensics.Net, a fund recovery service provider for online scams, notices:
“Despite how cryptocurrencies have been an effective way for investors to invest and make a profit, some investors try to take the shortcut thinking they can gain some quick profit which leads them nowhere.” Scammers are everywhere, and they come up with approaches that can be hard to ignore.
What Is An Imposter Scam?
An imposter scam refers to a scam where a scammer tries to pose as celebrities, business people, or cryptocurrency influencers and tries to convince the investors to invest by promising them a huge amount in return.
To capture the attention of the crypto investors, the scammers promise to multiply the cryptocurrency sent to them, which is known as a giveaway scam. The scammers present them so that any investor who wants an instant return falls for such scams.
How To Spot An Imposter Scam?
Whenever an individual gets a message or sees a post on social media posted by some celebrity or business person, stating they will multiply the investment is always a red flag. These are called giveaway frauds, where scammers lurk the investors, promising them to double their investments but instead pocket the fund send to them.
In July 2020, a similar situation occurred where celebrities and famous figures worldwide all went to their Twitter account simultaneously to promote the same cryptocurrency giveaway offer.
How To Avoid An Imposter Scam?
A chief analyst at the same firm, Timothy Benson, says, “Do not trust everything that social media says about cryptocurrency giveaways.”
Some of the key factors to avoid an imposter scam and giveaway fraud are:
- Never invest in the advice of someone online despite heavy giveaways.
- Never trust something blindly because it is promoted by some celebrities or business people.
- Never trust offers that are too good to be true.
- Never make cryptocurrency payments via social media.
Scammers always put their best game forward to get what they want, and sometimes it is impossible to vary between legit giveaways and fraud giveaways. An individual should always research and find the source before they invest in cryptocurrency or any other projects.
Where To Report An Imposter Scam?
If an investor gets suspicious that they might be targeted by a cryptocurrency scam, they can report the fraud to the following:
- Federal Trade Commission(FTC)
- Commodity Futures Trading Commission(CFTC)
- Securities and Exchange Commission(SEC)
If someone has lost their funds in online scams can also take the help of cryptocurrency recovery service providers like Cyber-Forensics.Net, which consists of professionals in this field and will help recover the lost funds.
How Does A Fund Recovery Service Help To Recover Lost Funds?
A fund recovery company is a team of individuals from different domains who are experienced and bring their years of accumulated knowledge to the table to help scam victims. A fund recovery company consists of retired government officials, hackers, law practitioners, and counsellors.
Hiring a fund recovery company is one of the important decisions one should make if they have lost their money in online fraud. These companies have specialists trained in handling all types of fraud and providing positive results. Cyber-Forensics.Net reviews the victim's documents precisely to provide the best investigation and secure the lost fund.
Cyber-Forensics.Net also helps investors facing forex.com withdrawal problems where they cannot withdraw funds from their accounts.
Cyber-Forensics.Net is committed to providing the most accurate tracing service for victims of online scams. Cyber-Forensics.Net empowers and simplifies the process of tracking down the cyber-criminals and assists in recovering the funds and creating an atmosphere for a negotiated settlement. For more information, please visit http://cyber-forensics.net/.