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Bitcoin Users Are Getting Scammed On AlphaBay Deep Web Marketplace

Source: bitcoin

Bitcoinist_Scamming Bitcoin Users

With all of the focus on the deep web and underground marketplaces, there is a lot of discussion as to which deep web marketplace is the “best’ right now. Plenty of users seem to be for AlphaBay, and their subreddit is filled with a lot of illegal deals and complaints about Bitcoin users being scammed.

Also read: OpenBazaar’s ‘Ambitious Destination’

The AlphaBay Deep Web Market

There are many deep web marketplaces available to users, yet not all of them can be trusted. Any form of peer-to-peer marketplace needs to ensure both buyers and sellers are protected at all times, especially when they deal with Bitcoin as a payment method. After all, cryptocurrency transfers can not be charged back, and the risk of getting scammed is very real on these underground platforms.

AlphaBay is one of the leading deep web marketplaces right now, although it may only be a matter of time until platforms like these are shut down entirely by law enforcement. Not too long ago, the Norwegian police assembled a dedicated unit to shut down one of the most commonly used deep web marketplaces.

When browsing through the AlphaBay subreddit, it is not hard to picture what types of goods and services are being exchanged on this market. Most of the reviews and posts revolve around drug trades, which are facilitated by deep web marketplace solutions. Given the peer-to-peer nature of these services and no oversight in place, it is easy to buy and sell anything and everything to anyone in the world.

This concept attracts a lot of Bitcoin users from every region, but that does not mean they are safe from harm. Several posts have been made regarding AlphaBay users getting scammed. One Reddit user even pointed how he spent 1,200 EUR in Bitcoin and received nothing so far. There are many reasons as to why ordered products do not arrive, though, as they may be held at the border by customers, get stolen, or were never shipped in the first place.

Such statements may seem weird, as AlphaBay offers multi-signature escrow services to all buyers, to ensure no funds is released to the seller until the goods have arrived. There is also a dedicated guide to the buying process and how AlphaBuy users should protect themselves, but there are other issues the platform owners need to address as well.

The overwhelming amount of negative comments and users reportedly getting scammed is very worrying. Several allegations are made as to the administrators stealing user funds, as well as other users not receiving their orders. Moreover, there seems to be a fair amount of feedback shilling going on, with negative and positive feedback appearing out of the blue.

What are your thought son the AlphaBay deep web marketplace? Are they scamming Bitcoin users? Let us know in the comments below!

Source: Deep Dot Web

Images courtesy of Shutterstock, AlphaBay

The post Bitcoin Users Are Getting Scammed On AlphaBay Deep Web Marketplace appeared first on Bitcoinist.net.

Bitcoin Users Are Getting Scammed On AlphaBay Deep Web Marketplace

Led 28

Bitcoin Companies Can Fight Social Engineering Attempts With Pindrop

Source: bitcoin

Bitcoinist_Social Engineering

Various companies all over the world are looking to come up with new methods to prevent fraud from taking place in the financial industry. While plastic card payments are a major threat when it comes to fraud, there are other factors to take into consideration as well. Social engineering is playing an ever-increasing role of importance these days, and Pindrop wants to prevent companies from being scammed over the phone. Bitcoin users can benefit from these efforts as well.

Also read: Innovation Through Bitcoin: An Entrepreneur’s Heaven

Pindrop Raises Another US$75m in Funding

Preventing individuals and companies from falling victim to fraud and scamming attempts is important in the world today. Whereas most people think of hacking attempts as an online threat, the scope of this word is much broader than anticipated. Social engineering, for example, is also considering as a form of hacking, although it is quite different in nature.

Whenever somebody receives a phone call from an individual or company, it is nearly impossible to tell whether or not they are legitimate. Unlike peer-to-peer meetings with people, a phone call is making it so much harder to distinguish between a legitimate outreach or someone trying to take advantage of a certain person.

Pindrop wants to address this issue, as it analyzes both the caller metadata and audio of every conversation taking place. Thanks to its in-house technology, the screening process is yielding good results in distinguishing hacking attempts from legitimate calls by a service provider. It goes without saying such a technology would be of great value to a lot of financial players.

So far, various insurance companies, retailers, and even three of the major US banks are using the Pindrop technology. Over 360 million calls have been screened so far, as the technology verified the phone number used to make the call, and evidence of filters or packet loss.  While each of these things could occur during a legitimate call as well, such details point towards a fraudulent call in most of the cases.

It is important to note Pindrop will not reject any calls flagged as potentially fraudulent, but it will notify the operator about the risk and give them a chance to ask additional questions. With this additional round of funding, Pindrop wants to expand on an international scale and develop new products in the future.

Interesting Technology For Bitcoin Companies

The security of any company can only be guaranteed if the support staff is doing an excellent job. Unfortunately, humans will not be able to work at 100% of their potential at all times. This is where solutions such as Pindrop will be of great help as it automates the process of identifying potentially fraudulent calls.

Bitcoin companies could make use of this technology as well. Especially when considering how Bitcoin puts the end user in full control of their finances at all times, making sure funds is not misspent should be at the top of the priority list. Plus, Bitcoin companies would be among the frontrunners to embrace such call-screening technology, which will bring more legitimacy to the digital currency ecosystem.

What are your thoughts on the technology being developed by Pindrop? Is it something Bitcoin companies could and should use? Let us know in the comments below!

Source: TechCrunch

Images courtesy of Shutterstock, Pindrop

The post Bitcoin Companies Can Fight Social Engineering Attempts With Pindrop appeared first on Bitcoinist.net.

Bitcoin Companies Can Fight Social Engineering Attempts With Pindrop