Media: Radio interview about Bitcoin investment scams on Facebook

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9 October 2019: I gave an interview to BNR news radio about a relatively new (and upcoming) type of scam. Fraudulent advertisements placed on genuine frequently visited websites such as Facebook and, persuading people to invest in Bitcoins, gold, or stock. However, over 90% of people who invest through these schemes lose their money.

Victims are not correctly informed about the process, experience severe pressure to keep investing money, and the scammers are illegally making use of pictures of famous people to lure people in. Of course, these famous people typically have nothing to do with these scams and are increasingly getting upset and trying to sue.

The Dutch Fraud helpdesk noticed a large increase in victims of this type of fraud. For BNR radio I explained which social persuasion mechanisms are used by scammers to trick potential victims into transferring money. For example, they try to appear legit by using logos and the ‘look and feel’ of respected, genuine websites. They also use Cialdini’s appeal to scarcity and authority. You can find the interview (in Dutch) here.

Previously, the TV program Opgelicht did an interesting episode on this type of investment/bitcoin scam. You can watch the TV program (in Dutch) and some advice on how (not) to invest here.