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Tag: Scam

SEC's charges against brokers tied to $1.2B scam highlight red flags you need to watch for

SEC's charges against brokers tied to $1.2B scam highlight red flags you need to watch for

Finance
The Securities and Exchange Commission today unveiled new charges against five unregistered brokers in connection with a $ 1.2 billion Ponzi scheme that came to light late last year. The five individuals and their companies sold more than $ 243 million in unregistered securities to more than 1,600 individual investors, according to the SEC. The individuals allegedly promoted the firm's "safe and secure" investments at seminars, a Florida university class, in newspaper ads and on the radio. The problem: The brokers were not allowed to sell securities a...
Elon Musk fans targeted in crypto-cash scam

Elon Musk fans targeted in crypto-cash scam

Technology
Fans of entrepreneur Elon Musk have been targeted in an emerging crypto-currency scam.The scammers pose as celebrities on Twitter and claim to be giving away crypto-cash such as Bitcoin or Ether to their fans.They ask people to send them a small amount of crypto-currency to qualify for the giveaway, but victims do not get any bitcoins back.Twitter has not yet removed the imposter Elon Musk account.How does the scam work?The scammers impersonate well-known personalities on Twitter by copying their profile pictures and choosing usernames very similar to the genuine accounts.They then post replies to popular tweets made by the genuine celebrity. This gives their nefarious messages prominence on Twitter.Typically, the scammers ask people to send them small amounts of crypto-currency, offering ...
How PNB scam exposes the biggest flaws in the Indian banking system

How PNB scam exposes the biggest flaws in the Indian banking system

Finance
KOLKATA: Amid the blame game between Punjab National Bank (PNB) and other affected lenders in the Rs 11,300-crore scam, the elaborate web of deception has served to expose the biggest flaws in the Indian banking system – weak risk management practices and glaring over sight lapses. While international banks tightened supervision and corporate governance after the subprime credit crisis in 2008, most Indian banks appear to have remained laggards. Doubts are now being raised in several quarters as to how PNB officials at Mumbai’s Brady House branch continued to issue letters of undertaking (LoU) against import receipts from Nirav Modi and his firms for seven long years without attracting management supervision. Overseas branches of other lenders such as Axis Bank or Allahabad Ba
Fraudsters jailed for £107m 'cynical' green tax scam

Fraudsters jailed for £107m 'cynical' green tax scam

Business
Six men who orchestrated an "audacious and cynical" tax fraud have been jailed for between 11 years and 20 months.They persuaded wealthy people to invest in environmental projects in exchange for tax breaks, but then used the money to fund lavish lifestyles, buying overseas property and luxury holidays.HM Revenue & Customs said it could have lost up to £107m as a result.HMRC's Simon York said the men showed "complete disregard" for the ecological causes they claimed to be supporting."These individuals thought they had worked out the perfect fraud," he said, adding that work had started to recover the proceeds of their crime.'Bare-faced dishonesty'HMRC said the group, led by "self-styled ringleader" and scientist Michael Richards, enticed 730 high earners to invest in research and devel
Email scam targets Netflix's millions of subscribers

Email scam targets Netflix's millions of subscribers

Technology
An email scam has been specifically targeting Netflix's millions of subscribers, threatening to suspend their accounts if they don’t update their billing information. The email asks its readers to click the link, leading them to a fake Netflix homepage and prompting them to enter their private information, according to MailGuard, an Australian cybersecurity firm. Netflix said it is aware of the ongoing scam, adding that the company takes security seriously and has measures in place to detect fraudulent activity. “Unfortunately, scams are common on the internet and target popular brands such as Netflix and other companies with large customer bases to lure users into giving out personal information,” Netflix said in a statement to ABC News. The company will never ask for any personal in