A new cryptocurrency-related scam is abusing the Amazon brand to dupe would-be investors into handing over Bitcoin (BTC).
Cryptocurrency and digital token scams have become a common threat facing investors and the general public today.
Even though regulators worldwide are clamping down on fraud – through tax legislation, securities offering registration, tighter rules surrounding cryptocurrency adverts, and by keeping a close eye on initial coin offerings (ICOs), exit scams, rug pulls, and theft is still rampant.
Interest in cryptocurrency – and now NFTs – continues to escalate, providing a breeding ground for new scams to appear on a daily basis.
Chainalysis estimates that fraudsters received approximately $14 billion in deposits in 2021.
On Thursday, cybersecurity researchers from Akamai Technologies outlined a new, fraudulent campaign that leverages Amazon’s name to promote a fraudulent “Amazon to create its own digital token” scheme.
Generating panic and encouraging victims to make a rash decision are common tactics used in a variety of scams and this is no exception. In the Amazon scheme, the fraudsters have imposed a ‘time-sensitive’ lure to make individuals feel like they could be losing out on a lucrative investment opportunity.
The campaign began by publishing fake social media