One of the most popular scams in WhatsApp groups among the Latino community in the United States is the one that promises to make you rich overnight with cryptocurrencies and other investments, according to the third installment of the report WhatsApp weaponized: how scammers target U.S. latinos through public groups by the Digital Democracy Institute of the Americas (DDIA) published this week. The first part of the study focuses on unrealistic discounts, giveaways and fake stores; the second part focuses on the use of immigration status as bait.
“The illusion of affordable wealth is the lure used to drain the economic resources of potential targets,” the report highlights, adding that the information gathered reveals a worrying ecosystem in which unregulated investment platforms, cryptocurrency scams, and currency trading schemes proliferate unchecked. “The patterns uncovered here should sound alarms not only for Latino communities but also for U.S. regulators, law enforcement agencies, and financial institutions.”
According to DDIA, more than 3,000 unique messages were analyzed with the help of Palver—a technology company that specializes in social trend analysis—and found that these are marked within WhatsApp with the caption “frequently forwarded,” a warning sign to be cautious. The Institute estimates that these fraudulent messages may have reached more than 192,000 users in 262 groups. “It’s an issue that deserves more attention.”
The messages analyzed show that criminals pose as investors, mentors, or coaches who invite Latinos to join an exclusive group of “entrepreneurs” and earn extremely high profits. “How to earn money with your cell phone without leaving home,” says the content, highlighting the promise of a 1,000% return with a suspiciously low initial investment.
Automated financial algorithms
The advertisement for automated financial algorithms that promise unrealistic daily returns is one of the most prevalent tactics, according to the study. “Put your money to work for you. No experience necessary. Automatic profits in your wallet,” the messages say. In these cases, criminals request deposits in cryptocurrencies to avoid banking regulations. The digital currency USDT is the most requested for these scams (it is a cryptocurrency designed to maintain a stable value, pegged 1:1 to the U.S. dollar).
Some offers feature a “24-hour plan,” encouraging people to make small investments in USDT with the guarantee of exponential growth in a day. For example, “invest 50 USDT and earn 750 USDT.” In addition, scammers use fake testimonials to gain credibility. The DDIA also identified plans with 150% returns in 24 hours with a minimum 5,000 USDT deposit; and 200% returns in 48 hours with a 50,000 USDT deposit.
Loans and financial services
The Institute also found financial service “offers” promising loans ranging from $2,000 to $1 million. These are classic lures for what the report calls advance fee…
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