The man lost $690,000 by falling into a well-laid trap.
With the rapid advancement of technology, and the incorporation of electronic payments to our financial system, virtual scams They are one of the most common crimes today. Cyber attackers take advantage of ignorance of the victims and they steal their savings.
People are increasingly attentive, so methods are always renewed, however professionals are not exempt. The businessman Naveed Saghir, graduated in Data Science, who also ran his “Home Cinema” business without setbacks and with good financial decisions, fell into a “investment scam“.
naveed scam crypto.jpeg
The crypto scam that ensnared Naveed Saghir
Naveed Saghir was a victim of a fraudulent scheme known as “investment scam”, a crime in which people are tricked into giving money to individuals who offer false but extremely convincing investments, promising huge profits.
It all started while Naveed was watching videos on YouTube. He found an ad offering the opportunity to invest in stocks and filled out a form requesting more information. The next day, he received a call from someone who introduced himself as a customer service agent. In that first interaction, agreed to pay $350 to start investing.
A day later, he received a call again, this time from a person who described himself as his account manager. They provided him with a username and password for an extremely realistic trading website and he continued trading. After making their first payment at the end of May, the scammers They took advantage of every opportunity to continue exploiting it. They soon convinced him with new promises of even greater profits. When he started losing money, he was manipulated into believing he could recoup his losses by continuing to invest.
By the end of August, Naveed had handed over a very large sum to the scammers: $25,000 in cash and $14.25 in bitcoinequivalent to approximately $690,000 based on the current value of the cryptocurrency. At some point, the website disappeared and They never responded to messages again.. Thus, his money was gone forever.
How to identify crypto scams
bitcoin cryptocurrencies.jpg
Depositphotos
- Promises of high and guaranteed returns: No legitimate investment can guarantee quick or risk-free profits. If someone promises very high returns, especially in a short time, it is a red flag.
- Pressure to act quickly: Scammers often insist that you must decide “right now” to take advantage of a unique opportunity. Take your time to do your research before making any financial decisions.
- Lack of transparent information: If they cannot explain clearly how the investment works or they evade you when you ask for details, be suspicious. Legitimate companies offer clear and understandable information.
- Suspicious communication channels: Unexpected calls, messages on social networks or emails from strangers are common methods used by scammers. Serious companies don’t operate this way.
- Platforms or websites that are too “perfect”: Some scams are supported by websites that appear professional, but are fake. Verify that the company is registered with the financial control organizations of your country.
- Cryptocurrency payments or irreversible transfers: Scammers prefer hard-to-trace payment methods, such as cryptocurrencies, gift cards, or international bank transfers. If they insist on using these means, be suspicious.
- Fake testimonials and celebrities: Some frauds use falsified testimonials or images of public figures to gain credibility. Before trusting, seek information from reliable sources.
- Difficulties withdrawing your money: Once you “invest”, if they give you excuses to withdraw your funds or demand more payments, you are probably being the victim of a scam.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
