Crypto Fraud and Recovery Scams with Nick Smart
Easy Prey29 Mars 2023

Crypto Fraud and Recovery Scams with Nick Smart

We are all being targeted by imposters on social media, websites, and dating sites. Once a person has been scammed, your information can be added to a database where criminals can purchase your data and then offer you "recovery assistance" from that scam. Today's guest is Nick Smart. Nick has 18 years experience as a professional Intelligence and Security Analyst working for government agencies and private companies as well as experience as a compliance officer.

Show Notes:
  • [0:57] - Nick describes his current role and his background in security.

  • [1:41] - Nick admits that he is generally very pessimistic and initially wasn't drawn to the crypto industry.

  • [2:55] - Why does crypto have a high reputation for fraud?

  • [4:15] - Once you are scammed, your information can be sold to more criminals and then you will be targeted again.

  • [6:52] - It is very easy to believe that you would get the money back if you act fast which is falling victim to a sense of urgency.

  • [8:01] - For some people, losing out on a few hundred dollars doesn't impact them much, but for others it could be the money they need to feed their family.

  • [10:18] - When something goes wrong, people look to those in authority for help, but law enforcement is catching up to how they can deal with the problem.

  • [12:29] - The laws surrounding crypto currency are very new and we don't know the future of recovery scams.

  • [13:43] - Nick explains "hackers for hire".

  • [15:13] - These scams aren't much different than others, but the way they find targets is unique.

  • [18:23] - Some people think crypto currency is completely anonymous. But that's not entirely correct.

  • [21:05] - The area of conversion is where we can try to find someone responsible for money laundering.

  • [22:29] - The block chains are useful in following and piecing together to find someone.

  • [24:35] - Crypto currency is hyper transparent which is not necessarily a bad thing.

  • [26:30] - KYC stands for Know Your Customer and Nick explains what that means to a financial institution.

  • [28:37] - If you've lost money through a crash or a scam and someone approaches you claiming they can help you get your money back, be skeptical.

  • [31:39] - Real asset recovery is not a fast process.

  • [35:13] - Individual cases and the experiences vary, but for the most part, block chains want to help.

  • [37:42] - It happens to the best of us. No one is immune.

  • [39:22] - There are more costs than just monetary.

  • [42:24] - It doesn't help the victim to stigmatize being scammed.

  • [44:01] - Nick shares ways to report crypto fraud.

Thanks for joining us on Easy Prey. Be sure to subscribe to our podcast on iTunes and leave a nice review.

Links and Resources:

Avsnitt(321)

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