Fake Currency Investment Scam

There are numerous fake investment scams – anything that promises high returns for little or no risk is certain to be a scam in some form.

This latest scam message offers at least $7,398 per month and at least $400 per day added to your account.

It is supposed to be a system that trades crypto currencies for you automatically and is guaranteed to make you money every day.

But it’s all lies of course.

Discover the technology of the 21st century and let it fulfil your dreams and allow you to follow you passion”.

Anything that seems to be too good to be true is a scam is a simple rule but it works.

If you want to make an investment then seek professional advice and certainly do not follow the ramblings of a scam email or fake advert or website.

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Stupidest Scam of the Week YouTube Free Products

YouTube is a huge businesses with around 5 billion videos watched each day.

You see lots of people on trains, at bus stops, in cafes etc. all watching endless videos on YouTube.

Scammers know this and target these videos.

Popular videos on YouTube come with advertising in some form and scammers can get their scam ads included quite easily.

These scam ads are usually quite blatant e.g. a scammer will copy a YouTube video from someone with millions of followers and add in their own scam adverts then put it on YouTube and email a link to their spam email list.

The scammers often impersonate YouTube celebrities as they have the biggest following.

I have randomly chosen you to receive a free gift from me personally. Just click the link to verify yourself” is a typical message. The link can be to any scam site or to a phishing site asking for proof of identity or a survey which the scammer will be paid for.

Be very careful on YouTube in clicking anything.

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British Police Shut Indian Scam Centres

The British Police service in cooperation with Indian police, have shut down two sophisticated criminal call  centres in Kolkata, known to have defrauded many thousands of victims in the UK and elsewhere.

The call centres were raided by 50 officers from the Cyber Division of Kolkata Police as part of a worldwide four-year operation conducted by the UK police and Microsoft.

Seven arrests were made and the two fraudulent call centres were put out of business.

“These raids and arrests mark the successful culmination of a four-year operation. Working with Indian authorities and Microsoft, we have stopped a number of criminal call centres from preying on UK citizens,” said Commander Karen Baxter of the City of London Police.

In the 12 months to April 2019, City of London Police’s National Fraud Intelligence Bureau received over 23,500 complaints of this form of fraud, with reported losses of more than 9 million pounds.

The scam involved call centre staff pretending to be from Microsoft and either charging the victims around £200 to fix non existent problems or introducing viruses onto the victim’s computers with the intention of stealing more money.

Hugh Milward, Head of Corporate and Legal Affairs at Microsoft UK, said: “This sort of deception will not go away and effective public/private partnerships are essential if we are to combat sophisticated cyber criminals who operate on a global scale. We are working with law enforcement, here in the UK and internationally, to tackle these crimes and these arrests are a great result for people who have been targeted by or fallen victim to these fraudsters”.

Always beware cold callers and remember that Microsoft, Virgin Broadband, BT and similar companies do phone anyone to tell them their computer has problems or is dangerous.

If you have any experiences with scammers, spammers or time-wasters do let me know, by email.

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The Clone Company Scam

The clone company scam is where scammers make use of a real company’s name and reputation and trade on that to convince victims that they are legitimate. The actual company generally knows nothing about this until they start to get complaints.

City Watchdog, the Financial Conduct Authority has increasingly been issuing warnings about this fraud (142 warnings in first half of 2019). Many of the companies involved are in the financial sector such as wealth managers, pension funds, mortgage companies, loan providers etc. but it can happen to any company.

Fraudsters may copy the company’s website, letter head etc. – anything to convince the victims for long enough to steal their money.

The big advantage for fraudsters in using someone else’s company name is that and potential victims checking online will find a reputable business.

If you are interested in any kind of investment or loan, do verify that the company is legitimate – check the FCA financial services register at  www.fca.org.uk/firms/financial-services-register or call their consumer helpline on 0800 111-6768

Never trust cold callers – anyone calling from a company you don’t already do business with, to offer any kind of investment or loan will likely be a scammer.

Never click on links in emails from people you don’t know.

Stay safe.

If you have any experiences with this scam do let me know, by email.

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European Law Strong Authentication

In September 2019, the second Payment Services Directive (PSD2), specifically the requirement for Strong Customer Authentication (SCA) for remote payments came into effect.

These requirements will impact the way consumers in Europe access their Internet banking applications, pay for e-commerce purchases, and use new financial services provided through Open Banking.

The starting point for any financial transaction must be to establish the identity of the parties involved. In person, a valid ID card may be sufficient  and digitally, using a login and password is usually enough.

However, when interactions are happening remotely through multiple channels and multiple partners, there is often a need to use multiple factors of authentication e.g. a login and password plus a pin number.

PSD2

PSD2 is increasing the security level for authentication to financial services across the whole of Europe, and is harmonizing the strength of authentication processes for financial applications. Because of PSD2, financial institutions have been phasing out weak authentication methods.

PSD2 ensures that advanced authentication concepts, such as dynamic linking, device binding for mobile apps, mobile application shielding and transaction risk analysis become standard security tools in financial services.

PSD2 is also accelerating the adoption of adaptive authentication methods, which adjust the way in which the user is authenticated to the risk of what the user wants to do.

Deadline for banks to implement SCA for Internet banking: 14 September 2019, except in the UK where the deadline is set as 14 March 2020

Deadline for banks to offer Open Banking interfaces: 14 September 2019

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