- One of the press releases says that DB Wealth Institute came into full force in 2011 by Professor Cilian Miller, who provides financial training.
- By this year, it had trained more than 30,000 students from over 10 countries, says another press release.
- Once enough money is piled up, the group takes all the money and runs away. The company then rebrands itself and targets new investors.
Scott Pape, a financial counselor based hailing from Australia, who is also referred to as Barefoot Investor put his opinion about how he dealt with crypto scammers who masked their identification to commit fraud with his followers.
A daily newspaper from Australia reported on December 23 that Pape publicized that he along with his team had been witnessing hundreds of fraud Facebook groups that had been copying his similarity with the aim of deceiving people into involving in scams.
Pape didn’t wait for Facebook to remove the group, instead, he on his own deal with it and as the number of hacks continued to rise, Pape emphasized the need to engage with the hackers and explain their methods.
Pape started reaching out to the hackers on Facebook under a fake identity seeking help with investment. Soon after this, he came into contact with a fake Facebook page, where the page asked to provide details such as his phone number, and was invited to a WhatsApp group under the name of DB Wealth Institute.
Google Search reveals about the group
Pape also revealed that he did a swift Google search about DB Wealth Institute and in the search result it found a sequence of automated press releases regarding the investing firm, some of which had been associated with Yahpp Finance, Forbes, and LinkedIn.
One of the press releases says that DB Wealth Institue came into full force in 2011 by Professor Cilian Miller, provides financial training, and created AI Financial Navigator 4.0. It amalgamated AI with large data to intensify trading strategies.
By this year, it had trained more than 30,000 students from over 10 countries, says another press release. Pape proceeded with its research which revealed that a lot of US regulators and financial overseers had alerted of fraud wealth institutes, giving guarantee to provide crypto trading lessons by WhatsApp.
How the fraud is conducted?
In these types of frauds, a professor gives fake trading signals for the WhatsApp group members to accumulate their money. At the same time, an assistant establishes communication with investors. Once enough money is piled up, the group takes all the money and runs away. The company then rebrands itself and targets new investors.
Pape also mentioned that he received many phone notifications, having more than 200 messages flooded in the WhatsApp group on a daily basis as a lot of users shared their success stories in cryptocurrency trading.
