IFW Global has received complaints from concerned investors about a fake crypto trader called Victoria Coins using the website www.victoria-coins.com.

Cryptocurrency frauds are usually carried out by transnational fraud groups using fake names and technologies to mask their real identities and locations. These groups are opportunistic and leverage popular interest in cryptocurrency to find their “clients” (victims). Often they will place an advertisement, using a well known celebrity, in an app or on social media. When clicked, a fake news article with a glowing celebrity endorsement will encourage people to enquire further or register their details for a trial.

Upon contact from a “broker” a small investment of $250 to $1000 is requested which makes rapid and large profits to encourage more deposits. Unknown to the client, the money is not invested as alleged but is stolen. All of the data and money in the “account” is fabricated like a computer game and is manipulated by the fraudsters on their fake platform to show you what they want you to believe. The most common 3rd party platforms used is MetaTrader 4 or 5.

Small withdrawal requests are often granted to make the platform appear legitimate. However, any large withdrawal requests are ignored, or are subject to additional payments under the false guise of “fees” (e.g. exit or escow) or “taxes”. These pretexts are an attempt to extract more money from their victim. Sometimes the scammers will manipulate the platform to show that the client has lost their money in a recent trade. In every case, the client is never able to access their money.

The fraudsters may also work from call centres, usually based overseas, to cold call foreign based clients with promises of high returns. The fraudsters are also known to use online dating to make contact with investors (victims) which proceeds to enticing offers and promises of hot tips that will return high dividends.

Red flags

• Victoria Coins does not list an office address or company details on their website. There are only two phone numbers which are likely to be VOIP services that are not linked to a physical address.
• Victoria Coins does not operate claim to operate under a financial services regulator and may be offering services unlawfully. The website Terms and Conditions refer to the laws of St Vincent & Grenadines which is a common jurisdiction for these types of scams.
• Lack of identity information about the owners, operators, staff etc. and all domain registration details are obscured by a privacy service based in Reykjavik, Iceland.
• You may have been directed to make credit card or bank transfers to entities and/or accounts that are not in the name of Victoria Coins and appear unrelated to the firm. These entities and accounts may also be in countries that are not where the firm purports to operate from.

Next Steps

If you are a victim of this fraud:

• Immediately report your fraud to the Police or via your national fraud reporting portal (for example: Australia www.cyber.gov.au, USA www.ic3.gov, UK www.actionfraud.police.uk, Canada www.antifraudcentre.ca)
• Do not send the fraudsters any more money. Any request for payment of a “tax” or “fee” is their last ditch attempt to get more money from you.
• Do not let the fraudsters gain remote access to your computer. Fraudsters will often offer to “assist” you by asking you to install AnyDesk or TeamViewer to remotely control your computer mouse and keyboard.

IFW Global Investigations is a private intelligence and investigations firm that represents investors who believe they have been scammed, or duped into fraudulent investment schemes. We are strictly vetted by the NSW Police Force in Australia and the State of Florida in the USA, and you can view our credentials here.