Elon Musk Impersonators Make Millions

Crypto scammers posing as Tesla boss Elon Musk have made more than $ 2 million (£ 1.4 million) in just six months, US consumer protection officials say.

The Federal Trade Commission received 7,000 complaints from people who had lost a total of more than $ 80 million (£ 56.6 million) to crypto scams since October 2020. The FTC says that losses for scammers claiming to be Musk or other famous people increased nearly 1,000% in 2019/20. These scams often start out as investment tips on online message boards. These “tips” lure people to fake investment websites.

Scammers often pose as well-known personalities on Twitter by copying their profile photos and choosing usernames very similar to those of genuine accounts. They then post responses to popular tweets made by the genuine celebrity to give their posts prominence on Twitter. The FTC said that people just posing as Mr. Musk made more than $ 2 million in the six months starting in October.

Creating fake profiles violates Twitter’s policy against deceptive accounts, but according to technology news website The Verge, “Twitter moderators have had trouble slowing down the activity and it continues to prevail on the platform.” Sometimes scammers choose to hack profiles instead of impersonating them. Last July, Musk, Joe Biden, Barack Obama, and Kanye West were among the prominent figures that hackers targeted on Twitter .

Often times it is these “gift scams” that target Musk supporters and other prominent figures. The FTC said criminals also make money from online romance scams and by posing as government authorities. Consumers between the ages of 20 and 49 were more than five times more likely to be scammed than older age groups, according to research. To help people avoid cryptocurrency scams, the FTC has developed a set of guidelines based on common methods.

guaranteed returns are always fake so are the promises of free money Scammers often make big claims without details or explanations. Celebrity endorsements or testimonials are easily faked. Be very wary of anyone asking you to pay by bank transfer or gift card, which are virtually impossible to get back.

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