The security lacks in the world of virtual currency have once again raised the eyebrows of users of such currencies. One more such incident has come in the limelight where the data of Google Gift card is used maliciously, and the undue advantage is received by a group of employees of a firm in the Philippines. It was recently reported that some employees of Sykes were involved in a Bitcoin scam. Reacting to the news, Google has pulled outsourced work from the Philippines based Sykes, which is involved in BPO operations.
Google has confirmed the news and said that it has pulled some projects which were outsourced to Sykes and given it to another vendor in the Philippines. According to various social media posts, some employees of such outsourcing firms allegedly siphoned around $1.23 million worth Google gift cards, and it was later converted to Bitcoins.
Even though Sykes confirmed that some of their employees had breached the conduct standards, it was not revealed as to what the nature of the violations was and whether it was related to the Google project.
The rise in Crypto Scams
In recent years, there is a significant rise in crypto scams, and fraudsters find it easy to use such options as they can easily evade law enforcement in many cases. The National Cyber Security Center of the UK had recently cracked a fake celebrity endorsement deal for Bitcoin online.
Not only that, in many countries, scammers have been using high-end technology to lure vulnerable investors into fraudulent Bitcoin investment schemes. They promise high returns and project their company as legal and based in some foreign location. As they are not locally registered, not much information will be available about such companies, and users also do not cross-check all the details when they are blinded with high returns schemes.
In many cases, investors have lost lots of money, and they are in no position to complain against the scammers as they are in a different country. Even the local authorities cannot help in such cases as they need the help of international agencies to track such cyber crimes.
For such reasons, many countries have imposed stricter restrictions on cryptocurrencies, which is done to protect the common investors from such scams. However, the Philippines is friendly towards the cryptocurrency industry, and it is even planning to issue a central bank digital currency shortly.