A new cryptocurrency related scam is abusing the Amazon brand to trick potential investors into handing over Bitcoin (BTC). Cryptocurrency and digital token fraud is a common threat to investors and the general public today. Regulators around the world crack down on fraud by closely monitoring tax laws, securities registrations, stricter crypto listing rules, and initial coin offerings (ICOs), but exit fraud, lag pulls, and theft is still prevalent. Interest in cryptocurrencies, and now his NFTs, continues to grow, becoming a breeding ground for new scams every day.Chainalysis predicts that scammers will take about $14 billion in deposits from him in 2021, and Amazon Fraudulent .
AMAZON CRYPTO SCAM
Amazon create your own digital token” scheme using the name of Creating panic and encouraging victims to make hasty decisions is a common tactic used by various scams and this is no exception. As part of Amazon’s scheme, scammers have introduced “time-sensitive” decoys to make individuals feel like they are missing out on a lucrative investment opportunity. It started with publishing fake social media posts in groups. When users clicked on the post, they were redirected to a fake “CNBC Decoded” news website containing an article about the upcoming “Amazon Crypto Token”.
SELLING FAKE AMAZON TOKENS
As we head into the 2021 holiday shopping season, there are new scams you should be aware of and watch out for. It’s an Amazon token exchange. It turns out that these new scams are very effective and earn over $100,000. In his one week, over 300. A vast users were protected from fraud. These offers, spread through malicious ads masquerading as legitimate news sites, rely on rumours circulating since his July 2021 that Amazon will sell tokens. Below are some examples of malicious ads we found.
AMAZON TOKEN RUMOURS
The rumour stems from news reports that Amazon may be entering the cryptocurrency market and creating its own token as part of it. These stories are based on speculation from Amazon job ads for July 2021. Rumours’ have not been confirmed and there are currently no Amazon tokens for sale. These malicious ads are based on people’s trust in the Amazon brand and their desire to get early entry through cryptocurrency initial coin offerings (ICOs). Participating in an ICO early is a quick way to go, as ICOs often increase in value quickly in the early stages.
FAKE PLANS
Unfortunately, Amazon has repeatedly denied any plans to launch its own cryptocurrency, so these story claims are 100% accurate. At the moment, the company has yet to integrate the ability to pay with cryptocurrencies at checkout, so the Amazon token idea still seems overblown. That’s not to say they never will, but if they do decide to go this route, the story will be headlined by every major news outlet in the Western world.
FAKE AMAZON TOKEN LANDING PAGES
If someone clicks on one of these malicious ads, they will be redirected to a crafted website that appears to promote Amazon’s new (non-existent) tokenized cryptocurrency. However, upon closer inspection, you may notice some spelling mistakes in these websites. The website is well presented, full of detailed instructions, beautiful pictures, and features. The site cleverly combines the purchase of non-existent tokens with a free Amazon Prime membership to make it appear more legitimate. Bitcoin scam recovery is possible by means of tracing the account details of the fraud.
PROTECTING FROM SCAM
Be sceptical of cryptocurrency ads and social media posts. Please verify the URL and website before entering details and purchasing. Don’t be fooled by heavy-handed tactics such as ‘sell now’, ‘only few left’ and ‘buy now’. Research what you want to buy – look for official sources. Report any deceptive ads or posts you see. This will help you remove it from social media. The latest example currently circulating on social media and YouTube is the one promoting the launch of the Amazon token. In this example, a malicious ad mimicking a legitimate news site published a groundbreaking article about the world’s largest online retailer launching its own cryptocurrency.
CONCLUSION
Fraudsters are on the lookout for such fresh news, as the common perception of cryptocurrencies is that early adopters can reap big profits if cryptocurrencies succeed. Users can be careless if they think they are trying to enter a potentially large cryptocurrency early that will bring huge returns. What makes these scams even more dangerous is the fact that these scams are so well-constructed, exploit Amazon’s name, brand and trust, and take place during the holiday shopping season. Therefore, it is important to know that they exist and how best to protect yourself from them. Wire transfer fraud recovery is possible by tracing previous checklist of the fraudulent.
