A local company has been falsely listed as the operating company behind a scam website.

That is according to the Office for Cyber Security and Information Assurance’s (OCSIA) latest bi-monthly cyber threat update.

It reported that a scam investment website protradingai.com falsely listed a legitimate Manx firm, GEL Holdings Limited, as its operating company.

According to OCSIA, the website, which had been taking investors’ money and not returning funds, used the name of the company to add legitimacy to their criminal operations.

A warning had been issued on the matter in August by the Financial Services Authority, and since, OCSIA was able to have the website taken down.

Other scams that were reported in the period of July and August, were crypto scams.

In its report, OCSIA says: ‘The cost-of-living crisis together with false promises of quick financial returns makes it easier for criminals to prey on people who are looking for extra income. We’ve received a number of reports on crypto scams over the period.

‘These frauds typically start with the victim contacting the criminals after seeing adverts or posts on social media promising significant returns on small investments.’

Once the victims reach out to the criminals, they are then assigned a so-called broker who will manage their initial investment.

OCSIA adds: ‘From here techniques vary. Some scambrokers encourage victims to register an account on a legitimate-looking website and deposit money, whilst others encourage victims to download additional software, with some even going as far as to get victims to download remote access software such as Anydesk and then install “bespoke trading software” on the victim’s behalf.

‘From reports received at OCSIA, we have observed the following patterns of these scams. The victim wishes to withdraw but is informed they must invest more before doing so. Alternatively, to dissuade the request, the victim is told that fees would be applied for any withdrawal.

‘The victim is harassed by phone calls, cajoling the victim to invest more whilst dispelling any doubt about the scheme’s legitimacy.

‘The majority of cases always involve significant dialogue between the broker and victim, this is to maximise the amount of money the criminals receive before the victim realises that this is a scam.

‘Any notification of significant gains, particularly coming from a broker or software should be taken with a pinch of salt.

‘As with any exchange of money online, we recommend that residents undertake research before making any form of payment.’

In the period there were 93 cyber concerns reported, with the most common being vishing, which is where scammers call victims pretending to be from reputable companies.