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BlackRock warns of scammers using its name in crypto schemes.
Today, BlackRock, the biggest asset manager in the world, sent out a strong warning about con artists using its name to trick investors into scams.
The warning was shared in a post on X (formerly Twitter) and tells people to be careful of hackers pretending to be from the company, especially those who contact them through social media like WhatsApp and Telegram.
In its post, BlackRock made it clear that its executives don’t talk to investors through these methods. The company also warned people to be wary of any unsolicited messages. The company said, “Please stay alert, and if you think there is fraud going on, do not proceed.”
In a blog post on its website, the asset manager said that scammers often pretend to be BlackRock workers by using their names along with fake email addresses and phishing websites to trick people who don’t know what’s going on. These bad people often approach their targets on social media with tempting offers meant to get them to give up private information.
How to spot blackrock impersonation scams: phishing sites and fake training sessions
People are often tricked into visiting fake websites by domain names that look a lot like BlackRock’s real site, like “blackrockk.com,” which has an extra “k” to trick people. The blog made it clear that real BlackRock emails end with “@blackrock.com” and warned that if the email domain changes during conversation, it could be a sign of a scam.
The company also said that scammers often ask for money through methods that aren’t connected to BlackRock. The asset manager said again that it never asks for these kinds of payments and that any requests for money that come from sources other than its official lines of communication are scams.
These con artists also invite people to fake training sessions on stocks or cryptocurrencies. These fake groups say they can give you useful trade signals, but then they try to get you to invest in a bunch of fake trading platforms. When victims try to get their money back from investments, they are often asked for more money.
Surge in cryptocurrency scams
After the Washington State Department of Financial Institutions sent out a warning on July 17, BlackRock also issued a warning about similar scams. BlackRock’s advice comes at a very important time, as billions of dollars have been invested in the growing market for Bitcoin and Ethereum-based exchange-traded funds (ETFs). This increase in interest has, of course, led to a wave of con artists taking advantage of the extra attention.
In the bitcoin space, impersonation scams have been a problem for a long time. People with a lot of fame, like Elon Musk, have had their identities stolen in the past to push scams. The FBI also told people last year to be wary of con artists who say they are from the Singaporean venture capital firm HashKey Group.
A study from Belgium’s Financial Services and Markets Authority shows that in the first half of 2024, half of all the fraud reports they got were about Ethereum scams. It’s clear how bad things really are.
People who buy from BlackRock should be very careful, and they should check any message that says it comes from the company to make sure it is real. People who want to buy cryptocurrencies need to stay alert as the market grows so they don’t fall for scams that get better over time.
