The internet has never been a particularly safe place from scams, but the more widespread use of cryptocurrencies has led to more than ever. Scammers are taking advantage of victims using every tool they have available.

Today, these scams are spreading through advertisements featuring phony endorsements from major figures. Sundar Pichai is one of the most well-known business executives in the world as head of both Alphabet Inc. and Google, and his name has been seen regularly on these scam advertisements.

How Do Scams Like Bitcoin Prime Operate?

Current Bitcoin scams are a modern application of conventional investment scams. The goal is simple – to get someone to send them money because they think they’re making a real investment. The Bitcoin scam has a website where users can “invest.” They just need a way to get their victims to visit.

Like any other enterprise, scammers try to make use of the best marketing available. That means they rely on affiliate marketers to bring traffic to their websites. These marketers do whatever they see fit to send users to the website and receive payment based on how much traffic they generate.

It turns out that fake celebrity endorsements are highly effective. They attach a celebrity like Sundar Pichai’s name to a story about how much money people can make through their Bitcoin “opportunity,” and countless victims from around the world are drawn into their scam. We have tracked this latest scheme to a cryptocurrency watchdog website when searching the Bitcoin Prime website.

Once they do visit the website, the Bitcoin scammers promise guaranteed profits from an advanced automated trading system. This is totally illegal and considered to be a simple bait and switch. The scammers have no such system. They just want victims to send them money. After that, the scammers are never heard from again.

Fraudulent Ads Claim Endorsement From Influential Tech CEO

Working with Google since 2004, Sundar Pichai was appointed CEO in 2015. At the same time, the holding company for Google, Alphabet Inc., was established. In 2019, he also assumed the role of CEO of Alphabet Inc., putting him in control of all of Google’s projects and subsidiaries.

Many people know Pichai from his 2018 testimony to the U.S. House Judiciary Committee. While many issues were brought up during the hearing, among the most prominent were alleged plans for the implementation of search censorship in China and privacy concerns.

Tech figures, in particular, are seen as some of the most effective fake endorsements by scammers. Victims believe that Pichai and other prominent people in tech would be the first to find out about any amazing opportunities like the fake ones that the scammers claim to offer.

The actual fake endorsement is passed around as a supposed news story. In the story, details are given about an interview with Pichai about a Bitcoin opportunity, but that interview never really happened. The article goes on to claim that Pichai made millions doing just about nothing with this amazing app.

It’s not just Pichai, though. Many celebrities from around the world have seen their names used, such as fellow business moguls Elon Musk and Andrew Forrest. While most of the names used are CEOs, actors, TV personalities, and even sports teams are also used.

The supposed endorsement from a trusted figure can lead people to overlook basic steps for finding out if an investment is safe. By the time they realize what’s happened, the victim’s money is already long gone.

How to Protect Yourself From Investment Scams

Investment scams are found all over the internet, and the best way to avoid them is to only invest with a registered broker. Your country’s financial regulator has strict requirements for registered brokers that help protect you from being scammed. If you go with offshore or unregistered brokers, you’re going right around these protections and could find yourself out a lot of money.