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HomeLaw & PoliticsCrypto scams using impersonating celebrities increases by 60% this year : Report

Crypto scams using impersonating celebrities increases by 60% this year : Report

According to a report in the UK-based publication The Telegraph, fraudsters imitating celebrities (schemes using fake celebrities) will more than treble this year.

As per Santander UK, a retail bank with a worldwide presence, crypto scams using false celebrities have increased by 60% since the end of last year, with the firm forecasting a surge of 87% this year.

The victims lost more than $14,000 to “celebrity-endorsed” frauds in the first three months of this year, a 65% rise from the same time in 2021.

The Duke and Duchess of Sussex, as well as television personality Holly Willoughby, are among the typical identities used by scammers to defraud gullible investors.

For example, a Santander client was duped by a cryptocurrency investment advertisement that falsely claimed to be sponsored by Martin Lewis of MoneySavingExpert.

Scams featuring celebrities operate by a victim clicking on a link and revealing their contact information in order to learn more. They are then approached by phone, email, or social media and are promised big profits with “little or no risk.”

They are advised to download specialised software in order to create cryptocurrency accounts. The programme is remote access software, which gives the fraudster complete control of the customer’s computer. The victim then puts funds into the newly established account. The fraudster then blocks access and takes control of the customer’s account, preventing the victim from accessing their money.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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