Crypto scams have duped British consumers, causing them to lose substantial sums of money due to deceptive advertisements that falsely promote endorsements from A-list celebrities.
Famous figures continue to be exploited by fraudulent schemes in the crypto world, defying the efforts of social networks to combat such activities.
NatWest, a British bank, has compiled a ranking that reveals the extent to which unsuspecting individuals have fallen victim to scams utilizing the likeness of celebrities.
In a single incident, a staggering amount of £158,873 ($196,344) was lost as a result of a crypto scam featuring an image of Jeff Bezos.
The scam involved a deceptive Google advertisement promoting an investment opportunity, supposedly connected to a new Amazon cryptocurrency trading platform.
Similarly, a sum of £42,500 ($52,545) was stolen using a photo of Elon Musk, a favorite choice among scammers conducting YouTube livestreams and endorsing “send one Bitcoin, get two back” schemes. Regrettably, the victim mistakenly believed that the CEO of Tesla had supported a cryptocurrency venture.
Concerns Regarding Social Media Advertising
In a clear indication that the frenzy surrounding digital currencies has subsided after a challenging market downturn, the top three fraudulent schemes targeting NatWest customers didn’t involve virtual assets.
The most significant case handled by the bank revolved around Peter Jones, a wealthy entrepreneur renowned for hosting Dragon’s Den (the British equivalent of Shark Tank). An imitation newspaper article, cleverly disguised as a promotional interview, featured Jones’ photograph, ultimately resulting in a British individual losing £285,209 ($352,649).
Surprisingly, a Twitter advertisement showcased Sir David Attenborough, the beloved nature documentary presenter, claiming he had earned £125,000 ($154,525) from stock investments linked to gold, natural gas, and oil. Despite the implausibility of someone known for their environmental work engaging in fossil fuel investments, a victim who fell for this scam suffered losses of £275,551 ($340,636).
Taking an even more improbable turn, an individual was deceived into parting with £232,238 ($287,105) of their hard-earned money after encountering a Facebook advertisement featuring Piers Morgan, the polarizing broadcaster.
Moreover, fraudulent advertisements exploiting the image of Martin Lewis, a prominent British financial journalist and consumer advocate who successfully sued Facebook over cryptocurrency scams in 2019, also emerged. One victim lost £149,651 (£184,989) due to a bogus ad, conveniently displayed on Facebook.
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Crypto – Urges Public Vigilance and Industry Collaboration
Millions of pounds are being unlawfully taken, with only the most significant individual instances being reported by NatWest. This data represents a single bank, underscoring the widespread nature of the issue.
NatWest’s expert on fraudulent activities, Stuart Skinner, cautioned the public about the exploitation of revered British celebrities’ identities for financial gain. He emphasized the need for consumers to exercise extreme vigilance when encountering counterfeit investment advertisements featuring these celebrities online. Skinner further stressed the necessity of a collaborative effort between multiple industries and social media platforms to combat this form of criminal activity.
This year, NatWest’s rankings witnessed the decline of two British celebrities: Holly Willoughby and Phillip Schofield. The public’s perception of these daytime TV personalities was negatively affected last year due to allegations of them bypassing long queues to view the Queen while lying in state.
In recent days, Schofield’s professional career has been marred by revelations of deceit regarding an extramarital affair with a younger male colleague. These developments have significantly tarnished his reputation.