New Bitcoin scam impersonates the Queen’s private office in Buckingham Palace to trick users

• The email asks the recipients to make a donation, something between $585,000 and $2,600,000 (in Bitcoins) with a promise of 30% interest for a three-month loan.
• The email also promises to offer membership of the Royal Warrant Holders Association.

A new bitcoin fraud scam has been found tricking users to make donations to help the UK fund its Brexit process.

How does the scam work?

The scam is carried out using phishing emails that appear to come from the Queen’s private office in Buckingham Palace.

The email asks the recipients to make a donation, something between $585,000 and $2,600,000 (in Bitcoins) with a promise of 30% interest for a three-month loan.

To make it look less suspicious, the email also promises to offer membership of the Royal Warrant Holders Association that supports businesses and individuals that supply goods or services to the palace for at least five years.

Extending the scam

The email includes a deadline in order to create a sense of urgency among the recipients. In addition, the recipients are also asked to keep its contents secret to avoid it going viral, Forbes reported.

Bottom line

Scammers are increasingly using social engineering techniques and real-time -based sensitive situations to garner sympathy as well as sensitive details from users. In most cases, such scams result in individuals parting away with a huge amount of money.