ADVISORY ON BITCOIN STORM INVESTMENT SCAM

Submitted by irteam on Wed, 05/06/2020 - 09:44

Background  

Fake news articles have been circulating on social media as sponsored ads, encouraging the public to invest in a cryptocurrency trading platform called Bitcoin Storm, which allegedly can transform anyone into a millionaire within 3-4 months.  

Impact  

  • May lead to huge financial losses 
  • Credit card or banking details will be stolen
  • Leakage of personal information such as email address, username and password 


Recommendations  

  • Not to make any investments with individuals or entities that are not permitted under the relevant laws.  
  •  Never trust any ads that promote get-rich-quick schemes. Criminals may use names or pictures of well-known individuals or brands to make the scam look legitimate. 
  • Make sure the site uses HTTPS instead of HTTP. 
  •  Never reveal any confidential or personal identifying information especially financial details to untrusted parties.  
  • Do not feel pressured into decision making. Read documents given, do research and seek independent or trusted legal or financial advise. 
  • Be sure to use only reputable exchange when buying or selling Bitcoin.
  • Do not fall for scams that offer extremely attractive market prices.
  • Be cautious with which apps you allow to have administrator access on your devices.
  • Make sure to install genuine software and only login on legitimate websites.
  • Any suspicious advertisements regarding investments should be reported to Autoriti Monetari Brunei Darussalam (AMBD).