We Looked at the Evidence: Is Fazmex Legit or Scam?

Recently, Fazmex.com site appeared, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather credible supporting information that clearly indicates it is, actually, a scam platform.

Despite the promises of the most user-friendly, dependable, and client-friendly service, Fazmex.com does not fulfill any of them. All this is just a shiny wrap around a dirty scam, which takes your money and never gives them back. Any tales about gifts, backing from celebrities etc are nowhere to be found as well.

Fazmex Scam Overview

Originally, Fazmex poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another bright marketing point for this site is backing from celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, con actors employ deepfake videos with those celebs promote the fraud as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Fazmex Scam

To begin with, Fazmex repeats the layout of many similar pages. There are quite a few examples, like Comtrex, Changelon or Worktaskl. They are completely indistinguishable in terms of visual elements, with minor discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these scam sites are operated by the same group of scammers.

Cryptocurrency Scam Summary

How the Fazmex Scam Works?

Fazmex is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several website designs, which still share the similar overall layout. Another shared element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply advanced psychological tricks that make the user believe in the authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the deceptive scheme, criminals create and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Using bots and paid ads (when achievable), scam actors intensify the visibility of their scam activities to possible victims. And as I said, crooks do not shy away using generative AI for creating videos with the aforementioned celebs that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

Promotions of cryptoscams like Fazmex in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After clicking the promotions, victims end up on a page filled with appealing offers. “Crypto starts with Fazmex”, “Your crypto savings are secured with Fazmex, “Start earning with Fazmex – they look rather credible. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the promoted bonus requires registration. And as nothing suspicious happens at this point, uninformed users happily proceed – especially as the bonus appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you sign up using your personal data, rascals will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, scammers bait folks for registration with bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Only by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available to use right away. To make it at least usable for crypto purchases, the user should top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any crypto operations require having funds on your account. With Fazmex, users are also compelled to top up to get the bonuses. And this is what creates the majority of the money flow to this scam website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the deposited money and withdraw them.

This is where the victim notices the issues. When comparing the real crypto wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to pull out the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that fraudsters have 0 intentions to send you money. But to make the denial look more legitimate, they’ve made up a whole bunch of reasons to decline the wireout request. Most of them repeat what KYC regulations say, but for the Fazmex.com they are here only to make the withdrawal impossible.

By requesting your personal information, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your money back. And every check will uncover more and more info of yours, which – you guessed it right – will be then sold on the Darknet. Never reveal your real info to strangers!

Signs of Scam

I gathered several facts that point at the scammy nature of the Fazmex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Fazmex.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Fazmex arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Fazmex resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Fazmex employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Fazmex capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Fazmex.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Fazmex site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Report to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further financial setbacks.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the duration of the fraud, scoundrels may reach out to you with particular documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto assets. As we already determined, these deceivers have no intention of restoring your capital. So, what do these emails and browser add-ons represent? Correct – that is another component of the scam designed to throw you into willingly installing malicious applications onto your device.

Both extensions and files added to email messages can act as a shell for different malicious software. In this scenario, I expect the presence of spyware and stealers among all types of malware. While it is not obligatory for scammers to distribute malware, the chance is always existent. As previously mentioned, their conscience is of little concern, and their dignity is already severely tarnished. They have nothing to give up and intend to maximize gains.

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