Veritas Card is alerting you regarding Fraud and scams

Dear Client, Dear Visitor, Dear Partner,

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Protect yourself – be scam aware!

REMEMBER: If it is too good to be true, it probably is! When in doubt, apply the scam test:

• S – seems too good to be true
• C – contacted out of the blue
• A – asked for personal details
• M – money is requested

Examples of Common Scams

The following are just some examples of common financial frauds. However, it is important to remember that perpetrators of fraud are constantly designing new ways to target their next victims. For this reason, you should remain vigilant and consider the possibility of fraud, even if the circumstances do not exactly fit one of the below examples. You should also keep an eye out for notices or warnings issued by your local regulator, exchanges or other market participants regarding patterns of fraudulent activity.

Clone Company Scams

Fraudsters may pretend to represent a legitimate company to trick you into transferring money to their account. In some cases, scammers may claim to represent or be part of a reputable financial services company, including Veritas Card. The goal of a clone company scam is to trick you into transferring your money to an account that appears legitimate but actually belongs to the fraudsters.

These scams often involve the fraudster using the logo or letterhead of a reputable company, including Veritas Card, adopting names that resemble those of the reputable company, or even using the names and addresses of people associated with the real company.

Be wary of cold calls or emails you receive asking for money. Check that all emails use the company's real domain name (for Veritascard, veritascard.com, or cardveritas.com). Be especially vigilant about any unsolicited interaction via social media. Card Veritas may promote its general products and services on social media, but will never interact with you on these platforms regarding your existing or potential account. If you are unsure whether a communication is legitimate, please contact Card Veritas customer service.

Clone Veritas Card Scams

Here are some individuals operating as Card Veritas clone companies that have been identified: VeritasCard Group, Card Veritas Customer Support, and Veritas Card Exclusive Support. These individuals regularly participate in public forums and review websites. Fraudsters take advantage of the lack of monitoring of most discussion forums, online review sites, social networks, etc… After posting several negative reviews under fake profiles, they then post reviews offering a quick solution to resolve a dispute by pretending to be Card Veritas customer support. You will then be asked for money to prioritize your case.
To obtain your login details, these individuals may also claim to be forming an action group or invite you to join them to form a collective group, threatening legal action. These individuals will then ask for details about your account, your login details, and your personal information. They will also eventually ask you for a contribution to legal costs. This will allow the scammers to impersonate you.
VeritasCard works as quickly as possible to resolve any disputes. We know that account restrictions can be stressful, but you should never give in to promises of a so-called privileged resolution.

Watch out for Red Flags!

Here are some red flags you should watch out for if contacted by someone claiming to work for Veritas Card or otherwise be affiliated with Veritas Card:

• Veritas Card does not cold call consumers to offer services or products or make investment recommendations.
• Veritas Card does not directly interact with customers through social media channels.
• Veritas Card does not charge you for assistance or guidance in completing an account application.
• Veritas Card does not charge you a fee to receive documents
• Veritas Card does not ask for remote access to your computer or mobile device.
• Veritas Card does not ask you to action an internal or external transfer of stock or money over the phone.
• Veritas Card does not ask you to share login details, particularly when this is done by creating a sense of urgency (e.g., “We have detected a fraud/theft attempt on your account and need your login details to stop/deflect it” or “we have been informed of a significant decrease in the amount in your account and need your help”).

Check and Double Check!

If you are contacted by someone claiming to work for any firm, remember:

• Verify the details of the firm on the website.
• Beware that scammers may point you to the real firm’s genuine website but use different details to communicate with you.
• You can contact Veritas Card to verify the information or report your concerns on this page: Client Services.
• You can check what products and services we offer: veritascard.com or cardveritas.com
• If you do not hold an account with Veritas Card please report any concerns about fraud to the police in your home jurisdiction.

Pump-and-Dump or Ramp-and-Dump Schemes

In these schemes, scammers invest in a stock or crypto and then spread false or misleading information to create a buying frenzy that will artificially “pump” up the price of a stock or a crypto. They then “dump” their own shares or crypto at the inflated price and stop hyping the stock or the crypto, leading other investors to lose money as the stock or the crypto price fails. Those recommendations may be presented as ‘hot’ information from people in ‘the know’ and made available to you due to some privileged or special status.

Scammers often use new technologies to spread false or misleading information about a company’s stock price. For example, trading “recommendations” are frequently spread through messaging apps, social media platforms and/or web blogs.

Veritas Card has published further information relating to the increasing trend of Ramp-and-Dump Scams in this disclosure.

Trash-and-Cash Schemes

These are the opposite of pump and dump schemes. In Trash-and-Cash schemes, scammers circulate false information to encourage people to believe that a relatively illiquid security is likely to plunge in value and should be sold. When those who see this information sell the security, the price plummets and the scammers swoop in to buy it up at a low price.

Pension Liberation Scam

In most jurisdictions, pension benefits are only accessible once a minimum pension age has been reached. Early access is normally possible but often leads to “early withdrawal penalties.” With this scam, fraudsters promise “penalty-free” early access to pension benefits through alleged tax loopholes and use complex schemes to erode pension accounts through commissions, investments, etc.

Affinity Fraud

Scammers who carry out affinity scams frequently are (or pretend to be) members of the group they are trying to defraud. Scammers exploit their victim’s age, religious, ethnic, sexual, or professional identity to gain their confidence, knowing that it’s human nature to trust people who are like you. Affinity fraud almost always involves a fake investment or an investment where the fraudster lies about important details (such as the risk of loss, the investment’s track record, or the scheme promoter’s background).

Many affinity frauds are Ponzi or pyramid schemes, in which money given to the promoter by new investors is paid to earlier investors to create the illusion that the so-called investment is successful. Eventually, when the supply of investor money dries up and current investors demand to be paid, the scheme collapses, and investors discover that most or all of their money is gone.

To protect yourself against affinity fraud, always carry out your own research and due diligence before entering into arrangements to accept investment advice or services. In particular, you should always verify the credentials of the person or company offering the service and confirm whether they are regulated to carry out that activity by checking the register of your local regulator.

Holy Grail Scams

Scammers are well aware of the attraction of a ‘holy grail’ trading system that will generate profits 24/7/365 with no risk or losses. One common tactic is to market a secret formula or strategy that promises extraordinary returns. Be aware of extravagant claims and testimonials that seem too good to be true. They usually are!