March 27, 2024

Scammers are capitalising on rumours that Amazon may be planning to launch its own cryptocurrency, according to security company Avast.

A scam offering access to a nonexistent initial coin offering for Amazon Tokens has already yielded more than US$100,000, according to Avast, which says it has protected more than 300 of its own customers from the scam in the past week.

The scam involves malicious advertisements that imitate legitimate news sites.

Rumours that Amazon will be offering its own cryptocurrency have been circulating since July 2021, and are  based on an advertised Amazon job vacancy.

This has not been substantiated, Avast warns, emphasising that there are no Amazon Tokens currently for sale.

But the combination of trust in the Amazon brand and desire to make quick money from investing in initial coin offerings means greed is getting the better of some people.

Clicking on one of these malicious ads leads potential victims to a bogus but reasonably well-contstructed web site purporting to promote the supposed Amazon Token cryptocurrency.

The site also takes advantage of the strength of the company’s Amazon Prime and Amazon Prime Gaming brands.

It also employs a common scam (and sales) trick by both imposing a time limit and offering bonuses if the victim purchases immediately.

The site provides those who create an account with a legitimate-looking dashboard allowing the management of the victim’s supposed cryptocurrency portfolio, including…

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