When personalities like Mark Zuckerberg, Elon Musk, Jack Ma, Michael Saylor, Jack Dorsey, Mark Cuban, and others give public endorsements for a particular cryptocurrency, it results in generating massive investors’ interest and cash inflow. However, some scam artists use fabricated endorsements to lure in unsuspecting victims. Crypto investors, just like any average person, are also affected by the approval and testimonials issued by successful authorities.
A concerning report issued by the National Cyber Security Center in the UK shows that the made-up celebrity endorsements are increasing to scam people and build their trust on digital assets that have no backing. The authorities also urge the public to understand that a legitimate cryptocurrency enterprise would not need to make fake advertisements for getting ahead in the market.
How Fake Celebrity Investors Affect People?
When it comes to investment, the people who try to develop a work ethic and gain some insight into the markets are the ones who would be able to get the best results. However, many people treat investment in stocks and cryptocurrencies like gambling or betting. If a person refrains from doing a lot of research before deciding to put out a major chunk of their savings into cryptocurrencies, it will end up in a disaster more than 99% of the time.
The NCSC UK has remarked that scammers are taking advantage of such users, and it makes them easier to produce and spread false recommendations. Richard Branson is one of the most common celebrities that are misquoted. At the same time, there are others, like Matin Lewis, who is also known as the money-saving expert in the UK. On the other hand, some scammers are bold enough to print hoodwinked articles by popular media houses like The Daily Mail to convince investors about their legitimacy.
How to Stay away from Fake Celebrity Endorsements?
There are so many websites and tabloids that it seems impossible to get the right information. However, it is possible to send in a query to the authentic media outlet and find out if they are aware of the information that is being pegged to them. Similarly, it is possible to reach out to celebrities via Twitter and other social media platforms. The PR teams of the celebrities are also active on social media.
Any person or investor who finds a suspicious website claiming to have the backing of billionaires or big names like Richard Branson should stop and consider cross-checking the narrative first and foremost. NSCS has taken down more than 286,322 celebrity scam accounts to safeguard the interest of the investors between April and Dec 2020.