Daily fraud update: 17th March

Chris Lee

Toyota reveals new product for blockchain fraud space

Toyota car in front of a Toyota building

Car manufacturer Toyota has announced an all-new product for the blockchain world.

It revealed last year that it would set up a blockchain research area of business operations called the Toyota Blockchain Lab.

It has now told the markets that it had worked alongside a blockchain industry start-up firm called BUIDL, which is associated with the American security token platform Securitize.

The pair of firms have developed a new platform offering personal identification and vehicle identification functions, and it has gone through the testing phase successfully.

The potential use cases for each strand of the new blockchain-powered anti-fraud devices are diverse.

It is understood that the personal identification service could be used for digital certificate management, for example.

The equivalent one for vehicles is expected to be used for maintenance record-keeping and more.

Coronavirus cybercrime threats are “disgusting”, says tech expert

Hooded figure holding hand up to screen full of numbers

A range of new cybercrime risks have been flagged in the wake of the coronavirus pandemic.

The pandemic – which has spread to many parts of the world and which is causing governments to take unprecedented action with regards to borders, movement and normal economic processes – is also causing problems when it comes to malware and hacking.

It is understood that in some cases, cybercriminals are targeting hospitals with malware.

This led to Joseph Steinberg, who has previously written about crypto, publicly criticising those who sought to exploit the crisis.

Steinberg, who describes himself on his Twitter profile biography as an “Independent Thinker, Columnist, and Author” and an Advisor to firms in a range of industries including cybersecurity and privacy, made the comments on the platform.

“There are cyber-criminals currently targeting hospitals with ransomware. During the corona virus pandemic”, he wrote.

“Human beings can really be disgusting”. he added.

Nigeria faces crypto Ponzi scheme crisis

Art of two hands holding bitcoins by string

Law enforcement officials in the sub-Saharan African country of Nigeria have revealed that they are facing a crisis as they cannot keep up with the number of crypto Ponzi schemes believed to be running in the country.

News reports from Nigeria suggest that there are a range of crypto investment schemes available for Nigerians to choose from – but that many are transpiring to be fraudulent in nature.

There is some consternation in the country that regulators are not doing enough to combat the crisis.

Anthony Ogbo, a cybersecurity expert, even went as far as to say that the authorities are “lethargic”.

“Unfortunately, we lack the ability to keep up with the fast-changing digital space. And the authorities are not helping matters; they are so lethargic”, he was quoted as saying.

According to the crypto press, one victim went to the police with a claim that he had been defrauded out of an amount of cash.

However, the police appeared to be unable to help him – and he claimed that he did not receive redress for what happened.


Chris Lee

Latest news

Olympic Legend Usain Bolt Lost $12m in Savings Scam
Usain Bolt loses $12m in an alleged investment scam Jamaican officials and the FBI are investigating investment manager Stocks and Securities Ltd Others are feared caught by the scheme Jamaican Olympic sprinter Usain Bolt has had a $12m savings and investment account he set up for his retirement wiped out. Read more
Phoney Pastors Caught Running $28m Church-Based Ponzi Scheme
Churchgoers targeted by scammers posing as pastors A total of $28m fraudulently taken from largely immigrant community Promises of ‘financial freedom through God’ undone by the fact the project was a massive Ponzi scheme Deception, distraction, and abuse of trust are standard tools of fraudsters. Read more

Safest Forex Brokers 2023

Broker Info Best In Customer Satisfaction Score
#1 AvaTrade LogoYour capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
4.9
#2 BlackBull Markets LogoYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8
#3 73 % of retail CFD accounts lose money Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
4.9
#4 Forex Broker eToro Logo67% of CFD traders lose Founded: 2007 Global CFD & FX Broker
Number One Broker
ALL-INCLUSIVE TRADING PLATFORM Visit broker
4.9
#5 Plus500 Logo79 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Provider
Number One Broker
Best Trading App Visit broker
5

    Forex Fraud Certified Brokers

    Forex.com Logo
    XM Logo
    OctaFX Logo
    HYCM Logo
    IQ Option Logo
    LegacyFX Small Logo
    AvaTrade logo
    skilling logo
    IC Markets Logo
    Exness Small Logo
    BlackBull Markets Logo
    ATFX Logo
    City Index Logo