Online scam is on the increase with the emergence of COVID-19, says police report

Online scam is on the increase with the emergence of COVID-19, says police report

A progressive market is always the target of scammers, as the crypto market is expanding more fraudsters are venturing into crypto fraud. Nottinghamshire was the home of an outlaw who robbed Peter to pay Paul. Based on the Police report, the crazed area was the setting for  an unfortunate crypto scam that robbed over £200,000 from a British investor.

The prey, who chose to be anonymous, was tricked by the fraudsters through an online chat last year. Through the discussion, they lured him to invest his wealth in a phony broker’s company, hoping to gain a maximum profit from the market.

The fraudster went further to trick him into making his system accessible to them, through which they got his private information to use and request for a loan. Coercion and torment followed, to the extent that the criminals approached him directly for extra money, which according to the police was used for ‘further investment.’

From the police report, David Breach, a Detective Sergeant, noted that records of online theft have quite intensified since the emergence of COVID-19. According to him, it shouldn’t be a surprise since almost every life activity is carried out through smartphones and computer systems.

While this particular fraud appears to be popular, crypto frauds are not new and they operate with different strategies.

Last week, Steve Wozniak, Apple co-founder lost a case when he charged YouTube to court because his picture was used by fraudsters in videos to scam people. The court decreed that following the United States Federal Law, YouTube cannot be prosecuted for videos uploaded by users.

Based on a report from the United States Federal Trade Commission, in a space of 6 months, from October last year to three months ago,  users in America lost eighty-two million dollars to digital frauds. Also, it was reported that people from Australia lost $20500000 on BTC to fraudsters in 2020.

Probably there is a need to play back the happenings for traders to be conscious of criminals and stay away from uninvited conversations from anonymous persons claiming to give maximum profit.


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