E-gold scams and how to protect

E-gold scams and how to protect

In the past year-especially egold currencies have become very popular in Nigeria. E-gold is an electronic currency backed by real gold stored in a rod somewhere in the U.S. and is by weight. E-gold was founded by Douglas Jackson in 1996.

E-gold is used as a medium of exchange network. Many businesses now accept e-gold as a form of payment for their services or products from around the world. Our own Nigeria caught the bug about a year with particular people use to fund their forex trading accounts, HYIP programs and muli-level marketing programs.

The main attraction is that Nigerians may be that the process of opening and operating e-gold account only takes a few minutes and verification is never required as opposed to payment systems like PayPal.

Another controversial feature of the egold system is their non-repudiation policy which applies to all uses as final. No charge back with egold. To fund egold account, all the user needs to do is find an independent exchanger who pays money in exchange for his egold account should be funded.

Both functions of e-gold is above the preferred medium to make the operation of fraudsters. The fact that no verification is needed and that once it gets into egold their account can not be retrieved makes the system perfect one for fraudsters. These restrictions, however, millions of people worldwide continue to use the system.

With its growing popularity in Nigeria, egold system gradually became target of fraudulent activities by criminal minded Nigerians. Today, egold fraud in Nigeria has become an issue. Maybe it's next level of Internet fraud in Nigeria.

As fraud Egold is reinforced

1st The most common method is for a criminal to gain access illegally in your egold account, you can lock out and then move the funds from your account. This is done in different ways. The criminal can send an email to unsuspecting users egold, pretending that the mail was sent from a real e-gold system. He can claim that your account should be confirmed and you need to click the link in the email to confirm your account. That link it takes you to a page that seems to be the egold site, but which actually has nothing to do with egold. You will then be asked to fill in your egold account number, password, email address and e-mail address password. The moment you how to kiss your money goodbye because they will use all the information you provided to gain access to your account and steal your money. The criminal may have re-installed keylogger software on the system will be accessed with your egold account. The software captures your account number and passwords that retrieves criminal later used to access your account. This usually happens if you use a public computer to access your account.
2nd Recently, more advanced and organized egold fraud scheme was discovered here in Nigeria. Here lay a criminal site (www.vedanix.com) and claimed to be able to sell egold at N138 (which is impossible). They looked at it for a reputable egold exchangers and gave their account numbers on their web site. When people called to buy egold from him, he just give the account number of the exchanger. Once the unsuspecting victim make payment in that account, he argues, colleted all payment information. He then visited the website belonging to reputable exchanger in order for egold using information previously provided by his victim but using their account to get egold egold. It was really easy for him because he already had all the payment information, including payer name, bank branch where payment was made, fate and bank number. This is needed for a reputable egold exchanger to confirm payment and signing egold funding transaction. Once they were sent to the egold account vedanix criminal, he just disappeared off their phones while awaiting the next victim. Criminal according to his website, [http://www.vedanix.com] was arrested in Jos. Before being captured, he used the account numbers that belong to the Global errands Limited (Graphcard representatives) and Cyberkonsults (owners GoldNairaExchange) to carry out his fraud. Both companies have stated strongly that they have never met him and they know nothing about him and his business.

In order to protect yourself from egold fraud, you are advised to observe the following safety measures:

1st Always logout of your account after use.
2nd When using a public computer, always clear your passwords, cookies and saved files.
3rd Never click a link in any message, allegedly sent to you by egold. Egold will never send you such.
4th Never climb disable pin security settings in your egold account.
5th In order to avoid fraud vedanix model, always use a reputable and trusted egold exchanger. If the offer is too good to be true, it may not be true. Do not lose your hard earned money to greed with the stated exchangers who offer ridiculously low prices.
6th If you want to try a new exchanger, it is advisable to test a very small amount of the first few times, maybe $ 5.

Observing these measures should protect you from egold fraud.




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