Scammers are currently targeting unregulated digital cryptocurrencies to defraud the ill-informed.

According to Bank Windhoek’s forensic services manager, Johnny Truter, investigative reports over the last 12 months indicate that cryptocurrency scams have rapidly increased.

Such scams are costing individuals and companies billions of dollars.

Truter defines bitcoin scams as involving people or groups attempting to trick unsuspecting victims into sending them bitcoins.

Despite cryptocurrency not being given the green light as a medium of exchange or storing value by the country’s central bank, some Namibians are trying their hand at dealing in this virtual unit.

Truter says online pirates have also managed to mine some Namibians out of coins.

“Bank Windhoek customers have reported incidents where they were defrauded by scammers who convinced them on social media to ‘invest’ with them in bitcoin, only to disappear with the money,” Truter says.

He…

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