Abdulmajidkhs
Well-known member
Recovering Funds from Fraudulent Brokers? Police Might Not Be The Efficient Solution
Internet finance refers to the act of conducting financing, payment, investment, and information intermediary services via the Internet and other forms of communication technology such as computers, mobile phones, and digital tablets. As Internet finance gains more traction for its convenience in our modern world, fraud and financial crimes are also quietly mushrooming in the age of cybersecurity.
In the world of forex trading, most cybercrimes come from fraudulent forex brokers that deliberately set up traps to scam their trading clients. The victims that were defrauded often face despair and helplessness because even with the help of the police, the chances of recovering their funds were little to none.
I. Fraudulent brokers provide fake information that is deliberately curated to delude the public. This includes their licenses held, regulatory statutes, years of establishment, awards received, and registered addresses. Some brokers even clone the names and website designs of a renowned forex broker to trick users to think that they are engaging with the established company. In the face of all this fake information, any clues and proofs obtained by the police are just vanities because they are untraceable.
II. Fraudulent brokers hire outsiders to do the dirty work for them. These people are often lurking in internet forums, public forex group chats, and social media platforms. Their common tactics are promoting a “get rich quick” scheme that lures the traders to deposit and trade alongside a so-called forex mentor or fund manager. Before they could join the “millionaire VIP group” to enjoy the trading signals or tutelages, they have to open a new account with the fraudulent broker in question and deposit a certain amount of money for that privilege. When the client wishes to withdraw his money, the broker would send a third-party customer service representative to contact the client personally and tell him to pay extra fees or taxes before his withdrawal. When the transaction is done, the customer service representative cuts off all communication and disappears – leaving the client in shock as his money vanished into thin air.
Read the Complete article below :
Internet finance refers to the act of conducting financing, payment, investment, and information intermediary services via the Internet and other forms of communication technology such as computers, mobile phones, and digital tablets. As Internet finance gains more traction for its convenience in our modern world, fraud and financial crimes are also quietly mushrooming in the age of cybersecurity.
In the world of forex trading, most cybercrimes come from fraudulent forex brokers that deliberately set up traps to scam their trading clients. The victims that were defrauded often face despair and helplessness because even with the help of the police, the chances of recovering their funds were little to none.
I. Fraudulent brokers provide fake information that is deliberately curated to delude the public. This includes their licenses held, regulatory statutes, years of establishment, awards received, and registered addresses. Some brokers even clone the names and website designs of a renowned forex broker to trick users to think that they are engaging with the established company. In the face of all this fake information, any clues and proofs obtained by the police are just vanities because they are untraceable.
II. Fraudulent brokers hire outsiders to do the dirty work for them. These people are often lurking in internet forums, public forex group chats, and social media platforms. Their common tactics are promoting a “get rich quick” scheme that lures the traders to deposit and trade alongside a so-called forex mentor or fund manager. Before they could join the “millionaire VIP group” to enjoy the trading signals or tutelages, they have to open a new account with the fraudulent broker in question and deposit a certain amount of money for that privilege. When the client wishes to withdraw his money, the broker would send a third-party customer service representative to contact the client personally and tell him to pay extra fees or taxes before his withdrawal. When the transaction is done, the customer service representative cuts off all communication and disappears – leaving the client in shock as his money vanished into thin air.
Read the Complete article below :
Recovering Funds from Fraudulent Brokers? Police Might Not Be The Efficient Solution
Internet finance refers to the act of conducting financing, payment, investment, and information intermediary services via the Internet and other forms of communication technology such as computers, mobile phones, and digital tablets. As Internet finance gains more traction for its convenience...
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