You know those online ads that pop up at random that say, "Invest now and get rich quick"? Well, a bunch of scammers took these ads and put on huge fake programs that made people think they were investing their money and then proceeded to steal billions from Americans. Just recently, the U.S. government sanctioned cyber scammer with legal actions.
Honestly, I am not shocked. We have seen some terrible tricks online. But the fact that many people were defrauded is very alarming.
How They Were Scammed
Here are some of the examples of what the scammers did:
• Fake investments - The scammers said that you would get great return in profits if you “invested your money”
• Romance scam tricks - The scammers said that they were dating online, then asked for money
• Crypto scams - The scammers said to start using crypto instead of banks so that it would be more difficult to trace
Sounds smart right? But in reality, it is terribly cold blooded. Can you imagine thinking you found love or did a good way to invest your money only to find you lost everything?
Why Sanctions Are Important
• No U.S. banks - They cannot use American banks to transact.
• Frozen assets - Any funds and property they have that is under U.S. jurisdiction is frozen in place.
• Public exposure - Their names are made public to expose them.
None of these measures are going to stop them forever, but it sure makes things substantially more difficult for them.
The Longest Lesson
Consistently, scammers are rehashing the same tricks. One year they pull fake emails and the next year they pull crypto traps. The important point about the government going after scammers is that's a strong statement it makes. But the fact is, we still have to look out for ourselves.
Just remember; as long as we keep clicking on suspicious links and trusting strangers over the internet, scammers will find a way.
What To Remember
So what is the closing thought? Don't trust things that seem too good to be true. If it seems too good to be true, it is. And if it is a person you just met online asking you to "invest" in something block them.
I'm gladded the U.S. sanctioned them, it feels like a victory. But the real victory will be the fewer and fewer people that fall victim to it to begin with.
Honestly, I am not shocked. We have seen some terrible tricks online. But the fact that many people were defrauded is very alarming.
How They Were Scammed
Here are some of the examples of what the scammers did:
• Fake investments - The scammers said that you would get great return in profits if you “invested your money”
• Romance scam tricks - The scammers said that they were dating online, then asked for money
• Crypto scams - The scammers said to start using crypto instead of banks so that it would be more difficult to trace
Sounds smart right? But in reality, it is terribly cold blooded. Can you imagine thinking you found love or did a good way to invest your money only to find you lost everything?
Why Sanctions Are Important
• No U.S. banks - They cannot use American banks to transact.
• Frozen assets - Any funds and property they have that is under U.S. jurisdiction is frozen in place.
• Public exposure - Their names are made public to expose them.
None of these measures are going to stop them forever, but it sure makes things substantially more difficult for them.
The Longest Lesson
Consistently, scammers are rehashing the same tricks. One year they pull fake emails and the next year they pull crypto traps. The important point about the government going after scammers is that's a strong statement it makes. But the fact is, we still have to look out for ourselves.
Just remember; as long as we keep clicking on suspicious links and trusting strangers over the internet, scammers will find a way.
What To Remember
So what is the closing thought? Don't trust things that seem too good to be true. If it seems too good to be true, it is. And if it is a person you just met online asking you to "invest" in something block them.
I'm gladded the U.S. sanctioned them, it feels like a victory. But the real victory will be the fewer and fewer people that fall victim to it to begin with.