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

Recently, Fernad.com site appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather credible evidence that clearly confirms it is, in truth, a scam site.

Despite the promises of the most easy, reliable, and client-friendly service, Fernad.com does not fulfill any of them. All this is just a shiny wrap around a clear scam, which steals your money and data and never gives them back. Any tales about bonuses, endorsement from celebrities etc are nowhere to be found as well.

Fernad Scam Overview

Originally, Fernad poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another highlighted marketing point for this platform is partnerships with celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors employ AI-generated videos with those celebs advertise the fraud as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Fernad Scam

To begin with, Fernad copies the design of numerous similar online platforms. There are quite a few examples, like Domager, Devxbit or Payrelex. They are entirely indistinguishable in terms of visual elements, with minor discrepancies in the website header. Other details, and at times even crypto wallet addresses, are matching. Presumably, all these fraudulent online platforms are managed by the same team of scammers.

Cryptocurrency Scam Summary

How the Fernad Scam Works?

Fernad is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various website designs, which still share the identical 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 initiate the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Utilizing bots and paid ads (when possible), fraud actors increase the visibility of their fraudulent activities to possible victims. And as I said, fraudsters do not disdain using generative AI for creating videos with the aforementioned celebrities 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 Fernad in TikTok. Most of these videos are AI-generated deepfakes

Users get a stimulus to register, drawn by the promise of getting cryptocurrency rewards valued at hundreds of dollars, all free of charge. To increase the appeal of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Fernad”, “Your crypto savings are secured with Fernad, “Start earning with Fernad – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that claiming the promoted bonus requires registration. And since nothing concerning happens at this point, uninformed users happily move on – especially since the reward appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you register using your personal information, rascals will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, deceivers bait folks into registration to get bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Solely by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the promised bonus right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the equivalent sum. And this is what initiates the final step of the scam.

Step 4: Requesting funds

It is obvious that any crypto operations require you to have capital on your account. In the case of Fernad, users are also coerced to top up to claim the bonuses. And this is what creates most of the cash flow to this fraudulent website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the transferred funds and withdraw them.

This is where the first obvious issues start to surface. When comparing the actual cryptocurrency wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that scoundrels have 0 intentions to give your money back. But to make it look more realistic, they’ve developed a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client guidelines say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal info, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you would desperately need to undergo before getting your grand back. And each of these checks will reveal more and more info of yours, which – you guessed it right – will be then marketed 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 Fernad.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Fernad.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. Fernad 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. Fernad 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. Fernad 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%, Fernad capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Fernad.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Fernad 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 course of the scam, fraudsters may reach out to you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we already figured out, these rascals have no intention of returning your funds. So, what can these email messages and browser add-ons represent? Correct – this is another element of the deceptive plan designed to entice you into willingly installing destructive programs onto your system.

Both plugins and attachments included to email messages can function as a shell for diverse malicious software. In this situation, I expect the presence of spyware and stealers among all kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the chance is always significant. As stated, their ethics is of little concern, and their dignity is already seriously marred. They have no scruples to give up and strive to boost profits.

Frequently asked questions