New Bitcoin Scam Uses Harry And Meghan To Mislead Investors

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New Bitcoin Scam Uses Harry And Meghan To Mislead Investors

According to the Mirror UK a new Bitcoin scam named Bitcoin Evolution is using the name and reputation of the Duke and Duchess of Sussex as a fake endorsement.

Scammers have staged an interview with the royal couple at the “This Morning Show” with Phil and Holly. In the advertorial-style spoofed website, viewers are encouraged to signup for an obvious get-rich-quick scheme. Waiting for them on the other side are offshore Forex and CFD brokers which are unlicensed in many cases to act as financial advisors or manage portfolios on behalf of traders.

Bitcoin Evolution

In the Bitcoin Evolution website members are literally told that they can become the next millionaire if they simply register and invest. Fake media logos are also used to create a sense of authenticity which is even more misleading, especially when uneducated opportunity-seekers are involved.

Unfortunately the use of fake celebrity-endorsed scams is only growing in popularity as unethical online marketers and media agencies realize it is an effective sales tool. In the past we have seen documented cases where celebrities, politicians, or high-profile individuals such as Elon Musk and Richard Branson were used.

Why Is This Happening?
Offshore Forex brokers are willing to pay hefty commissions to affiliate networks and media agencies who can deliver paying customers. For the brokers it’s worth it because customer value is particularly high in Forex and online trading, and naturally the promoters get referral commissions so they are also benefitting. The ones who end up paying for everything are the victims who are being told to keep investing and end up losing much more than they can afford to.

Bitcoin Evolution Fake News

How To Spot Financial Scams?
Usually boiler-room type scams and get-rich-quick schemes such as Bitcoin Evolution will make fake and unsubstantiated claims about making money very quickly. So as the saying goes, if it’s too good to be true it usually is. Additionally, in most cases you will also be contacted via phone very quickly by sales reps who try to sell themselves as genuine brokers who are looking to make you money, when in fact the exact opposite is true.

Source: https://www.mirror.co.uk/news/uk-news/harry-meghan-used-bait-lure-21835985

Updated Date: 01 June 2020, 09:53

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