The Truth About FowDex: Legit or Scam? Our Review

Recently, Fowdex.com website appeared, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather reliable proof that unmistakably reveals it is, actually, a fraudulent service.

Regardless of the promises of the most easy, trustworthy, and client-friendly service, Fowdex.com does not follow any of them. In fact, all this is just a gilded wrap around a blatant scam, which takes your money and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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FowDex Scam Overview

Originally, FowDex poses as a crypto trading & cryptowallet service with exceptionally 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 claims having significant support from them. To make these claims look real, rascals use AI-generated videos with those celebs advertise the scam as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around an obvious scam.

FowDex Scam

To begin with, FowDex repeats the design of multiple similar online platforms. There are quite a few examples, like Nexmusk, Ranodex or Tonexup. They are totally identical in terms of graphic elements, with minor discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are the same. Most likely, all these fraudulent online platforms are operated by the same gang of frauds.

Cryptocurrency Scam Summary

How the FowDex Scam Works?

FowDex is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the similar overall layout. Another common 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 complex 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 fraud, criminals create and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and sponsored advertisements (when feasible), fraud actors boost the exposure of their scam activities to possible victims. And as I said, fraudsters do not shy away using deepfake for creating clips with the mentioned celebs that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.

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

Users receive an incentive to enroll, drawn by the promise of receiving crypto benefits valued at hundreds of dollars, all free of charge. To increase the appeal of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, victims end up on a page filled with enticing offers. “Crypto starts with FowDex”, “Your crypto savings are secured with FowDex, “Start earning with FowDex – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that retrieving the promoted bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily keep on – especially as the gift appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you register using your personal info, swindrels will not be able to 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 info needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Only by gathering this data and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the promised bonus right away. To make at least crypto purchases on the platform with it, you need to top up the account with the sum of a bonus. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Eventually, any crypto purchases require having funds on your account. In the case of FowDex, users are also compelled to top up to get the bonuses. And these top ups is what creates most of the money flow to this scam site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the transferred capital and withdraw them.

This, however, is where the victim notices the problems. When keeping an eye on the actual crypto wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that swindlers are naught on intentions to send you money. But to make the denial look more realistic, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client guidelines say, but for the Fowdex.com they are here exclusively to make the withdrawal impossible.

By requesting your personal information, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your funds back. And every check will uncover 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 Fowdex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with FowDex 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 scam, its actors may contact 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 scammers have no intention of returning your money. So, what do these email messages and browser add-ons represent? Correct – that is another component of the deceptive plan designed to entice you into willingly installing destructive software onto your computer.

Both extensions and attachments attached to emails can serve as a shell for various malicious software. In this situation, I foresee the presence of spyware and stealers among other forms of threats. While it is not obligatory for scammers to distribute malware, the probability is always existent. As stated, their ethics is of negligible importance, and their dignity is already neck deep in mud. They have no scruples to lose and aim to maximize revenues.

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