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Lloyds Bank has published a new report highlighting scams on e-commerce websites. According to the report, thousands of customers have been lured into shopping online by fraudulent websites showing fake items. The bank estimates that $8 million went into the hands of scammers last year in the UK alone. Also Read: BRICS: Chinese Yuan Beats Euro To Become the Second Most Used Currency The scam details are simple: All it takes is to create a website with images of the products. The scammers masquerade as popular brands on social media and put out advertisements based on their shopping preferences. Several of them launched websites with new brand names, copying the product images from other sites, reported Lloyds Bank. Cheap Bargains Led to $8 Million Worth of Fraud: Lloyds Bank outlookmoney.com The banking giant revealed that scammers offer heavy discounts on prices, luring customers into buying their products. Lloyds Bank reported that these types of scams have risen 211% compared to th...

A major crypto arbitraging fund that exceeds $600 million in market cap has told Protos that it’s not trading on Binance nor taking the current arbitrage opportunity, instead adopting a “wait and see” approach before taking the risk. At press time, crypto prices on Binance US are trading at steep discounts. Bitcoin is trading at a near-$3,000 reduction; the exchange lists the token at $27,500 while most other exchanges list for $30,000. This allows crypto traders the opportunity to make an easy buck. However, the arbitrage opportunity may only be a sign of a lack of liquidity and/or a lack of exit gateways, given that US dollar deposits to Binance US have been halted. Lacking a new flow of US dollars, users on the exchange may have problems finding buyers for their assets and thus reduce their price significantly compared with other exchanges. Crypto asset prices on exchanges have often varied drastically when liquidity drops due to the closure of its gates. Last December, Bitc...