A new cryptocurrency investment get-rich-quick scheme named Bitcoin Up is making waves by using fake celebrity endorsements for promotional purposes. Scammers are being more daring than ever these days and are not afraid to use “official” quotes stating that Prince Harry and his wife Meghan Markle used a wealth loophole to cover their growing mountain of debt. In the fake Mirror website, the royal couple is seen interviewed in the BBC breakfast show saying that they are using an automated trading platform which allows them to cash in on the “digital currency boom”.
It’s no secret that due to the rising Covid-19 pandemic situation, the world is facing an unprecedented financial crisis. Millions of people are unemployed and some of them are looking for a fast and easy way to alleviate their financial situation. Scammers understand this and prey on the weaker or more vulnerable elements of society which believe that systems like Bitcoin Up are a reliable and quick way to earn money.
These days investing in cryptocurrencies is perceived as a legitimate way to make money online. Since virtual currencies have become so popular, Bitcoin investment schemes have also grown exponentially. The elderly population including retired pensioners are constantly being baited and tricked through the cold-calling and boiler-room types of phone sales techniques.
The Duke and Dutch of Sussex are no strangers to this type misleading advertising tactic. In fact, celebrities such as Martin Lewis, Elon Musk, Richard Branson, and Peter Jones are constantly used to promote scams. It’s also interesting to note that scammers are not afraid of prosecution or legal repercussions since they are located offshore and use anonymous bank accounts from various tax haven jurisdictions such as Seychelles to pay for advertising costs. In most of these cases there is a local entity which acts as a secretary or director in the company and it’s their name which is used for documentation and invoicing.
Why Are Celebrities Constantly Being Used For Scams?
Celebrity presence easily attracts the attention of the general public since it seems to be more believable. Most people can relate to a known or public figure, as opposed to an anonymous person. Brand promotion and brand endorsement are perceived as highly effective marketing tools, and smart promoters are using everything at their disposal in order to increase sales and attract new victims.
How To Avoid Scams
If you have come across any fake advertorials or promotional websites disguised as news pages don’t take the bait. Always ask a friend or relative before you make a decision related to investments or your personal finance. As always, a good rule of thumb is “if it’s too good to be true than it usually is”. Additionally, a bit of research will always save you at the end of the day.