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How to Identify Fake Online Agencies – ReadWrite

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How to Identify Fake Online Agencies - ReadWrite


Everybody thinks they are smart enough to recognize a fake online agency when they see one, but scammers are getting more innovative every day. 

The recent BBC story on Madbird, a fancy digital design firm, was quite shocking. 

The ‘company’ had more than 50 remote employees, with most of them hired on a commission-only basis for the first six months. 

But after a few months, the recently hired employees discovered that many of their online coworkers were fake, they wouldn’t be getting any pay as no project deals were finalized, and the founder was a pathological liar who fabricated his entire online persona.

Crazy stuff. 

To avoid getting scammed by these dodgy remote agencies, here’s what you need to do.

Trust Your Instincts

Imagine a company that: 

  • Has decades of experience in the industry
  • Offers every type of service under the sun
  • Promises results in a very short time
  • Boasts 24/7 quality customer service
  • Charges below-average rates

Sounds too good to be true? That’s because it probably is. 

You see, any company worth its salt takes pride in its work. 

It won’t provide all kinds of services. Instead, it will usually offer specific services in niche industries. Why? Because it knows what it’s good at and doesn’t want its name tarnished by subpar work.

These types of companies will be upfront with you about the actual time it will take to achieve meaningful results. 

And since they know how much value they bring to the table, they won’t come cheap.       

So trust your gut when it tells you there must be some kind of catch. 

If your instincts are wrong, well, it doesn’t really matter—plenty of other fish (agencies) in the sea. 

But if they are correct, you get to avoid seeing your hard-earned money go poof.  

Search for the Company’s Office Address

Gone are the days when these fake online organizations used a P.O. box or some other mailing system instead of a physical address. 

Nowadays, they proudly disclose a traceable office address to look more authentic. This makes sense because the majority of people wouldn’t think about verifying the office address. If it’s mentioned then it must be real, right? 

Wrong! You should always track the office address. It’s how an employee of Madbird first discovered the scam. 

She wanted to see what the commute would look like when the pandemic was over. But alarm bells started ringing in her head when Google’s Street View only showed a block of flats, which looked nothing like the sleek workspace featured on Madbird’s website.

She immediately contacted a real estate agent who had a listing at the same address to confirm her suspicions. And lo and behold, Madbird’s global headquarters turned out to be purely residential.      

Perform a Reverse Image Search

Did an agency’s digital portfolio impress you very much at some point? Hate to break it to you but it could have been stolen from somewhere else on the internet. 

To see if the work actually belongs to the agency in question, you can perform an online reverse Google Image search. 

This can help you find the:

  • URL where the image was originally published 
  • Other pages on which the image was uploaded 
  • Same types of image

The process is very simple and can be completed in a matter of seconds. 

All you have to do is:

  • Open the browser on your PC or Mac 
  • Go to the Google Images main page
  • Click on the camera icon in the search bar
  • Either paste the image’s URL or upload it from your computer

Now you’ll be able to determine if the work actually belongs to the agency.  

You can also use this method to see if the individuals working at the agency are real or not. 

Just copy and paste their headshot image’s URL into the search box and see if similar photos show up. 

Get in Contact With Their Clients

These days, it’s a standard marketing practice to feature glowing testimonials on a website’s homepage. 

This encourages trust. After all, if so many seemingly real people are happy with the product/service, the agency must really know what it’s doing, right? 

Not exactly. Why? Because you can easily fake these testimonials. 

Just download a stock image of some male or female, edit it a bit, add some praise for the agency, give this fictional character a fake name and company, and voila! You’ve got yourself a ‘genuine’ testimonial.         

To verify an agency’s authenticity, contact its testimonials.

Search for their websites or LinkedIn accounts and ask them about their experience with the agency.   

And if there are no testimonials on a website, ask the agency to tell you about some of their former clients. 

A fake agency will more than likely use ‘breach of privacy’ as an excuse in this scenario. But genuine organizations will be more than happy to talk in depth about their success stories.      

Check the Site’s Domain Authority

A fake online agency will have a fake website. And a fake website will have a crappy domain authority (DA). 

DA is a search engine ranking score created by Moz. It is widely used to calculate a website’s chances of ranking on search engine result pages (SERPs).

Generally speaking, it shows how much trust a website has with search engines like Google. 

The DA of a newly created website will be 1 while the DA of a website like Facebook is 100.  

To minimize the risk of falling for a scam, I recommend working with online agencies that have a 30+ DA. 

Does this mean a website with 30+ DA is always safe? No. 

Are all websites with a DA lower than 30 fake? Also no. 

So why is an agency with a 30+ DA more trustworthy? Because getting to 30 takes a lot of time and hard work. 

And I don’t think that the people behind these scams have a lot of patience or diligence.

 

Image Credit: cottonbro; Pexels

Abdul Mannan

Writes about business and tech. And sips a lot of tea while doing so.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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