Hundreds of WhatsApp users are being targeted by crooks posing as Goldman Sachs employees as part of a ploy to get them to invest in crypto schemes, the Standard has learned.
The fraudsters invite unsuspecting WhatsApp users to an online chat group in which they introduce themselves as executives of the Wall Street bank before telling group members they will “provide investment training strategies for free”.
“I hope Goldman Sachs can become your trusted brokerage scheme,” one scam message reads. “As a global investment firm, we work together to create long-term value for our investors…establishing a correct investment philosophy and ensuring you can obtain stable and generous returns is the ability that every investor needs to have.”
The scammer then promises to “provide a Bitcoin perpetual trading contract strategy” before directing users to a bogus crypto platform where they can deposit funds. Other users in the group, also suspected to be scammers, pledge to invest into the crypto scheme, adding: “I have personally witnessed how Goldman Sachs can help you.”
In a statement a Goldman Sachs spokesperson said: “Unfortunately this kind of fraud is increasingly common, and third parties have been known to falsely claim to carry out financial services on behalf of Goldman Sachs and may use names of existing staff in attempting scams.
“The security of our customers and prospective customers is extremely important to us. We fully investigate all claims of fraud and will take appropriate action as a result.”
Brits lost more than £600 million to fraud in the first half of 2022, according to data from UK Finance. More than 5000 people fell victim to investment scams over the period, losing a total £61.2 million, up almost 30% on 2020.
Jenny Ross, Which? Money editor, said: “Fraudsters will use a wide range of tactics to ensnare victims — such as fake WhatsApp messages posing as representatives of respected financial firms or friends and family claiming to have lost their phone.
“At a time when many people will be looking for alternative ways to make some extra money, investment schemes promising lucrative returns on relatively small investments may sound attractive — but they are typically scams and should be treated with extreme caution.
“Genuine companies will never ask for personal information, nor will they hurry you into making a decision. If that happens, take time to think whether it’s too good to be true. Anyone can also sign up to Which?’s Scam Alert Service to raise awareness of new scams.”
WhatsApp owner Meta said it uses a combination of techniques to enforce its policies and prevent abuse. However, it warned WhatsApp protects personal messages and calls with end-to-end encryption, meaning no one except the sender and recipient has access to those messages, not even WhatsApp.
