JCSC confirms new cryptocurrency scams part of ongoing campaign

Islanders are being warned to exercise caution after Jersey Cyber Security Centre (JCSC) has today (12 December 2024) confirmed that Jersey politicians and news outlets have been targeted in the latest version of a wide-ranging cryptocurrency scam.

Both the Government of Jersey and States of Jersey Police have warned Islanders about online adverts which feature claims apparently from members of the States Assembly, including members of the Council of Ministers.

The latest scams are designed to look like a news article, which claims that Islanders can make large sums of money through a cryptocurrency service called NovusX.

Now research from JCSC confirms that these fake adverts are part of a broader campaign of cyber crime.

Matt Palmer, Director of JCSC, said: “The same gang has targeted similar scams at other small jurisdictions, including the Isle of Man and Gibraltar, as well as South Africa. Like the Jersey adverts, these use fake testimonials from well-known local figures to make unrealistic claims.

“We can connect the gang behind this campaign to the September campaign that used images of the Bailiff and late journalist Gary Burgess. However, it appears that the criminal gang may be using multiple associates to manage the scam.

“Cyber crime is a huge and well-resourced industry – with a value of $10 trillion dollars, it is bigger than the economies of Germany or Japan. According to the Jersey Fraud Prevention Forum, Islanders lost £2.5m to scams between April and August this year.

“It’s likely that these types of scams will continue, even if the criminals change platforms or use different public figures.

“This is disheartening because of the risks it poses to Islanders. It’s also deeply unpleasant for those who have their image used without their consent. But it does mean that we can inform ourselves, spot the signs of a fraudulent advert, and protect ourselves from fraud.

“Ultimately, get rich quick schemes may sound good but they will not make you rich. Funds are often tight at this time of year, and the last thing we want is to give fraudsters a Merry Christmas at Islanders’ expense.

“I’d encourage Islanders to report suspicious adverts to JCSC at incidentreports@jcsc.je so that we and our partners can warn people and help them avoid scams like these.”

 Advice for Islanders

Islanders should be wary of any advert or news article that:

• Makes exaggerated or too-good-to-be true claims. This includes adverts which claim you can make substantial amounts of money with little effort.
• Claims to have ‘genuine’ quotes from well-known public figures, but which don’t sound like that person. The language may be too formal, stilted, or use incorrect grammar.
• Implies a false sense of urgency, such as a time limited offer or dramatic news.
• Makes basic mistakes about Jersey: for example, describing the currency of Jersey as the ‘JEP.’

Additionally Islanders should:

• Only buy financial products from regulated financial institutions. They can be checked on the Jersey Financial Services Commission’s website.
• Make sure you fully understand what you are buying, who you are buying it from, and where they are based.
• Avoid clicking links in emails, websites and text messages unless you are sure they can be trusted.
• Check social media accounts are real by visiting the organisation’s website. For example, all States Members social media accounts are listed on the States Assembly website.
• Contact your bank immediately if you are not sure a transaction is legitimate.
• Don’t just rely on a password – use two step verification (2SV) to protect your online activity.

If you think an advert may be a scam, you can report it to JCSC by emailing incidentreports@jcsc.je, or calling 01534 500 050.

If you’ve been the victim of a crime, you should report it to States of Jersey Police by calling 01534 612 612.