Scams, fraud and banking: Why bitcoin still has challenges beyond regulation
We spend a good portion of our lives paying for things. Yet anyone with a bank account can probably attest to the fact that it can take days for money transmissions to clear. Banking systems have taken much longer to adapt to the always-on, instant gratification style of life that is the digital age. Some of that can be attributed to the financial world still using legacy computer systems, a reality due to little incentive for it to change. If you have ever completed a transaction from one bitcoin address to another, the first thing that strikes you is how easy it is. Specify an amount,....
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JPMorgan’s British retail bank, Chase Bank, has recently revealed plans to ban cryptocurrency-related payments for its British customers starting from October 16, according to a report by Reuters. The decision comes as the banking giant seeks to address the “mounting concerns” surrounding fraud and scams associated with cryptocurrencies. Chase Bank Shuts Door On Crypto Transactions […]
After a joint investigation was conducted by the US Immigration and Customs Enforcement and Homeland Security, seven people were arrested. Fraud is an international business, albeit some countries seem more prone to criminal activity than others. Six Nigerians have been arrested and sentenced for their role in a US$40m fraud scheme. Although Bitcoin was not involved – from what we can tell – they used any other means at their disposal to defraud users all over the world. Among the scams run by this group are check fraud secret shopper schemes, and personal assistant work-from-home fraud....
Though a virtual asset, crypto has seen different forms of scams and fraud over the years. The crypto industry has been exposed to several tactics through which millions of funds are lost. Even as the space tries to create more hedges to fortify crypto security, fraudsters invent more despicable measures for their acts. A new […]
Over one in five people lost over US$1,000, which goes to show how enticing and convincing some of these scams can be. The Internet is a good place to find just about any product or service, but it also poses severe risks. Earlier this month, Kaspersky Labs released a new report indicating one in two internet users had been targeted by scams. Most of these attacks were part of an attempt to obtain sensitive financial information. Everyone who uses the Internet on a frequent basis will have noticed spam emails offering them the moon and the starts. Especially the messages which claim to....
Crypto scams appear to be dominating investment fraud cases in Austria. Austrian regulators are calling for stricter crypto laws amid a spate of elaborate investment scams involving cryptocurrency and digital assets.According to a Bloomberg report of Friday, Austria’s Financial Market Authority has revealed that more than 60% of all reported financial fraud in the country involve crypto trading products.The FMA says these crypto scammers are using social media platforms like Telegram and TikTok to advertise their fraudulent offerings to would-be victims.Commenting on the need for stricter....