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Scammers turn to WhatsApp in Cryptofraud Case targeting Older Adults

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On April 12th, it was reported that a 44-year-old Taiwanese woman had become a victim of a cryptofraud case, where a fraudster used WhatsApp to impersonate a ma

Scammers turn to WhatsApp in Cryptofraud Case targeting Older Adults

On April 12th, it was reported that a 44-year-old Taiwanese woman had become a victim of a cryptofraud case, where a fraudster used WhatsApp to impersonate a male architect and befriend her in order to defraud her.

A Hong Kong architect lost HKD 24.5 million in a cryptocurrency investment scam

As we continue to see a surge in cryptocurrency investments globally, a 44-year-old Taiwanese woman recently became a victim of a cryptofraud case. The woman was scammed using WhatsApp, where a fraudster impersonated a male architect to befriend her and eventually defraud her.

How did the Scammer Operate?

The Taiwanese woman received a message on WhatsApp from the scammer impersonating a male architect. The fraudster appeared charming and genuine, and the two began to chat frequently. The conversation ultimately led to cryptocurrency investments, with the scammer urging the woman to trust him with her funds.
The scammer used a tactic known as “perplexing language,” which aims to confuse the victim and make them doubt their understanding of the situation. The fraudster also used “burstiness” to create a sense of urgency, pressuring the victim to invest without hesitation.
The Taiwanese woman eventually transferred her funds to the scammer, and when her investment profit failed to materialize, she realized she had been defrauded.

How can you Prevent becoming a Victim of Cryptofraud?

Cryptofraud cases are on the rise, targeting both experienced and novice investors. Here are some tips to keep in mind when investing in cryptocurrency:
– Be aware of the signs of fraudulent schemes. If an investment opportunity appears too good to be true, it probably is.
– Always conduct thorough research before investing in cryptocurrency, including researching the company/team behind it.
– Do not invest more than you can afford to lose, and keep a diversified investment portfolio.
– Beware of unsolicited investment offers, especially those made through social media or messaging apps.

Conclusion

Cryptofraud scammers will stop at nothing to defraud innocent people of their hard-earned money. As we continue to witness more of these cases, it is important that we remain vigilant and protect our investments. Do not let the smiley emojis and charming language of fraudsters fool you. Always stay informed and take precautionary measures to safeguard yourself from falling prey to cryptofraud schemes.

FAQs

1. What should you do if you suspect you’ve been the victim of cryptofraud?
If you suspect that you have been the victim of cryptofraud, the first thing to do is to report it to the authorities immediately.
2. Can I recover the funds I lost in a cryptofraud case?
Recovering lost funds in a cryptofraud case is challenging. It’s best to take preventive measures by conducting thorough research and being vigilant when investing.
3. Can scammers be prosecuted for cryptofraud?
Yes, scammers can be prosecuted for cryptofraud. However, it can be challenging to trace the fraudsters behind these schemes, especially when it involves the use of anonymizing technologies like Virtual Private Networks (VPNs).

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