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Thread: Cut and paste snippets about scams.

  1. #601
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    Re: Cut and paste snippets about scams.

    It's almost impossible to know how much is really stolen in Ponzi Schemes each year. The cryptocurrency scams reported in the Wall Street Journal are larger than the 60 reported at Ponzi Tracker. Let's do some Ponzi math and add the two.


    According to Ponzitracker, 60 Ponzi schemes were allegedly uncovered in 2019 that involved a collective $3.245 billion in investor funds. The statistics mark an abrupt reversal to a multi-year downward trend that in 2018 saw the lowest number of alleged Ponzi scheme discoveries in ten years.


    Ponzi schemes are the latest form of bitcoin fraud, with big platforms like one called PlusToken drawing the most money.

    Cryptocurrency Scams Took in More Than $4 Billion in 2019 - WSJ


    There are some tips from a CNBC article on avoiding scams, the first are pretty clear cut. The later two in red are hot button items for me. Investors should NEVER be getting statements or withdrawals from the promoter. Statements at a minimum need to be verified by an independent third party. Better still a third party should be auditing funds and generating the statements. Money should always be segregated and the promoter granted no personal access. If you're calling anyone other than a bank, trust administrator, or licensed investment firm about your money look out below.


    Do a background check
    Watch for high-pressure sales tactics
    Know what you’re investing in


    Find out how they get paid
    Check your statements


    More than 8,000 investors were misled by this $1.2B Ponzi scheme
    "It's virtually impossible to violate rules ... but it's impossible for a violation to go undetected, certainly not for a considerable period of time." Bernie Madoff
    https://www.facebook.com/pages/Scam-...98399986981403

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  3. #602
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    Re: Cut and paste snippets about scams.

    It stands to reason that before changing payment destinations people and businesses should have a hard verification process. Pick up the phone and call just like in olden times, and probably not the number at the bottom of a specious email.



    Quote Originally Posted by Pick up the phone
    The scam began when someone hacked into the computer of a finance worker at the island's Employee Retirement System in December, said Josť Ayala, director of the fraud unit within the bank robbery division. The hacker then posed as the female employee and sent emails to various government agencies alleging a change in bank accounts, he told The Associated Press.

    Two agencies fell victim to the scam in recent months: Puerto Rico's Industrial Development Company sent $63,000 in December and more than $2.6 million in January, while the island's Tourism Company sent $1.5 million in January to fraudulent accounts on the U.S. mainland, he said.

    Puerto Rico online scam targeted more than $4M amid crisis - ABC News
    "It's virtually impossible to violate rules ... but it's impossible for a violation to go undetected, certainly not for a considerable period of time." Bernie Madoff
    https://www.facebook.com/pages/Scam-...98399986981403

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