August 13th, 2007
Ponzi Scams….Digital Currency’s Dirty (not so little) Secret
Ponzi scams: Lose money now, ask me how….we accept e-gold and other digital gold currency.
Ponzi scams: Lose money now, ask me how….we accept e-gold and other digital gold currency.
In the digital currency business, online ponzi scams and pyramid deals are a real global problem. Trying to prevent this type of fraud means exposing the scam and educating potential victims. Its a big job but I’m happy to say that some people are making a positive difference. Here is one of them.
New laws passed in April of this year allow the credit card companies to pick and choose what they will report to police as a crime.
If you had ever heard of an HYIP and thought it was an actual ‘investment’ and not a ponzi scheme, you were wrong. Here is an enlightening letter from one of the scam operators disclosing how he sets up the scam.
Find out some of the differences between the reality of fraud and how the public views it. You might be surprised.
Security firm F-Secure thinks the ICANN board needs to consider a new top level domain (TLD) for banks and financial institutions to prevent fraud.
Do you accept credit cards for online purchases? Watch out, there are some new rules this year you must follow regarding the data you collect from customers.
Online Ponzi schemes known as HYIPs and AutoSurf programs blanket the Internet. Illegal in most countries but rarely prosecuted. The DGC industry earns a good part of daily income from the operation of these schemes. Google and Yahoo allow their paid advertisements, e-gold allows their operation so what’s all the fuss? Only the victims are complaining….
The FSA reports that the UK financial services sector has experienced an 8000% increase in phishing scams in the past two years.
No question about it, in the coming year or two doing financial business on the Internet will be defined by the payment system’s security protection. By 2008, the Tower Group predicts that 44% of all retail transactions will be virtual (without the customer present) and the magnetic stripe may be nearing the end of its card life.
Digital Currency, e-Currency and Digital Money
Written by Benson Koh [email], and Donna Jackson [email] for b5media.
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