With Bitcoin’s rising popularity and the media generating a massive amount of hype with rags-to-riches story, it was just a matter of time until fresh crypto and financial scams start rolling out by the dozens. It is for this reason exactly that Facebook has banned all forms of cryptocurrency advertisements on its platform, and now Google is being pressured by consumer advocacy groups to do the same.
The Regulatory Landscape
There has been much talk by various regulatory authorities such as the FCA and SEC who have come out publicly and are sending out official warnings to potential victims and would-be traders about how to identify various get-rich-quick crypto schemes.
Specifically, hyped up and exaggerated use of language telling fantastic stories about fancy cars and expensive Rolex watches purchased by new Bitcoin Millionaires. These schemes are used to portray the type of carefree lifestyle which can only be achieved through virtual currency trading which is the new El Dorado and currently gaining everyone’s attention.
Con Artist Target The Weak Segments of Society
It was just a matter of time before fraudulent software dressed up as get-rich-quick scams such as the Bitcoin Code hit the market. In fact, the well off and wealthy elite will never be approached with these types of offers as the marketers understand that this type of customer will never take the bait.
How Do Crypto Scams Work?
In essence, internet promoters act as networks and start generating hype via email marketing and popup messaging around certain offers which they believe will be the most effective from a sales perspective. Common sales tactics such as inflated bank accounts and fake testimonials are extremely misleading, but also very effective at baiting unsuspecting victims and opportunity seekers.
Why Am I Being Targeted?
Bitcoin scams can also be disguised as automated trading systems (trading robots) like Crypto Robot 365. Uneducated customers are constantly searching the internet for a legit money-making offer, so they sign up for anything which they believe will work for them. At a certain point they understand its just a ploy and move on to the next offer.
Aggressive Marketing Tactics
Fellow Profiteer! You have been carefully chosen to join our exclusive Beta Testing Group! Here’s is your chance to get in on the bitcoin revolution and start generating profits of around $1,000 an hour. That is the text-book sales pitch, and it is always accompanied with repetitive claims of easy cash and no-risk rewards.
A Grim Outlook for the Future
Avid investors or just people who want to make a career change and try out something new are the perfect candidates for getting scammed. Usually a lack of understanding of how the internet and crypto currency trading really works is a recipe for disaster. Con artists sense this as sharks smell blood, and they will hit you up with various offers that at first glance seem very appealing to the naked eye, but in reality are nothing but scams. As always, a grain of salt and a heavy dose of skepticism will go a lomg way in saving you a pretty penny.