Bitcoin scam with Amazon fake crypto token

Bitcoin scam with Amazon fake crypto token

Amazon is being used by a new scam aimed at cryptocurrency investors to trick them into handing over Bitcoin (BTC). Bitcoin scam with Amazon fake crypto token|Today, investors and the general public are facing a growing number of cryptocurrency and digital token scams.

Though regulators worldwide have clamped down on fraud through tax laws, registration of securities companies, tighter rules surrounding cryptocurrency advertisements, and keeping an eye on initial coin offerings (ICOs), exit scams, crooks, and theft, it remains widespread.

It is estimated that fraudsters received $14 billion in deposits in 2021 due to the surge in interest in cryptocurrency-and now nanofibres-and thus creating an ideal environment for scams to flourish.

Cybersecurity researchers at Akamai Technologies uncovered an online fraud campaign on Thursday entitled “Amazon to create its own digital token” that exploited Amazon’s reputation. Various scams use tactics such as creating panic and urging victims to make rash decisions in order to trick victims, and this is no exception. Amazon fraud involves a ‘time-sensitive’ lure designed to make people feel they would lose out on an investment opportunity that could be lucrative.

Campaigners posted fake social media posts to groups whose members are interested in crypto-related topics. If users clicked on a post, they were redirected to a fake news site, CNBC Decoded, which included an article on Amazon’s upcoming crypto token. Approximately thirty seconds later, visitors were redirected to a website offering pre-sale tokens. The website in question was fully functional and required authenticating email accounts and creating user accounts.

According to Akamai, the website used social engineering techniques to add pressure to the victim’s purchasing decision by showing a fake progress bar, suggesting that tokens would soon be sold out. Tokens were purchased at this point with visitors’ own cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). As the tokens are non-existent, the funds were then sent to the wallets of attackers. Bitcoin scam with Amazon fake crypto token|

A fake referral program is also presented, in which users are promised rewards if they refer friends and family. This can further expand the attack area for the attackers without any further action on their part. Over 98% of visitors to the fake token landing pages were using their mobile devices. Android handsets are used most frequently (56%), followed by Apple iOS (42%).

North America, South America, and Asia are the countries where most of the victims live. “The use of crypto scams will drive numerous nefarious activities in 2022 as a result of our research,” the researchers explained.

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