Falling victim to a scam is the worst thing that can happen to anyone. Unfortunately, a growing number of scammers out there are getting sophisticated because the world has become more connected thanks to the internet. It is a violation of your trust and pretty hard for anyone to recover from. So if you have been scammed, know that it is not your fault, so do not feel embarrassed or keep it to yourself but report the incident because you are a victim of a crime.
Scams happen to real people with real stories. A notable one is the story of Frederick Felix Turbide, a Canadian who committed suicide after losing over 200,000 Canadian dollars (US$152,000) to an Israeli-run binary options firm.
What Is A Scam?
It is a term describing any fraudulent business venture that steals money or goods from an unsuspecting person. It is also a situation where an individual is deceived into making payments of any kind for something that does not exist.
The Many Types Of Scams We Can Be Attacked By!
A financial scam, otherwise known as financial fraud, is when someone swindles you out of your money through misleading and other illegal practices. For example, many scammers use methods like identity theft and investment fraud to deceive victims. Recovering funds after a scam is a whole ball game altogether, and you will need the help of expert advisors who can appeal your case on your behalf.
Financial crimes can come in the form of…
1. Identity Theft
It occurs when someone steals your personal financial information, such as your credit card number, to make unapproved withdrawals from your account. There are cases where the scammer uses the information to open credit or bank accounts, making the victim liable for all charges.
2. Investment Fraud
Here, the scammer sells investments or securities under false pretense and misleading information. Mortgage and Lending Fraud A third party uses your information to go for a mortgage or loan. Or cases where lenders sell mortgage/loans with inaccurate information.
3. Mass Marketing Fraud
As the name suggests, this is fraud on a grand scale. It is committed through mass mailings, telephone calls, or spam emails. It also features fake checks, charities, lotteries, etc. The goal is to steal personal financial information or to raise contributions to fraudulent organizations.
Scammers are on the hunt for ways to steal your money, and one way they do it is through cryptocurrency. Cryptocurrency scams include financial crimes, scam initial coin offerings, Pump and Dump schemes, market manipulation, and Ponzi schemes. Unfortunately, many people fall victim to cryptocurrency scams because many so-called experts are parading on social media claiming to have made millions on cryptocurrency and want to teach others.
How cryptocurrency scammers operate
Fake cryptocurrency companies promise that you will make loads of money in no time and be financially free.
Some scammers will ask for payments in cryptocurrency for the sole right of recruiting others into a program. If you recruit others, they say, you’ll get rewards paid in cryptocurrency. The more cryptocurrency you spend, the more money they promise you’ll make. But these are all lies and false guarantees to scam you of your money.
Another method cryptocurrency scammers use is unsolicited offers from supposed “finance directors.” These scammers promise to grow your investment if you entrust them with your cryptocurrency. But sign up to their “investment account,” You’ll find that you can’t withdraw your money unless you pay fees.
Some scammers use fake job offers as an approach to recruiting unsuspecting cryptocurrency investors. They scam these victims by stealing their cryptocurrency, mining cryptocurrency, or promising to help convert cash to bitcoin and vice versa.
Some scammers list fake jobs on job websites. They’ll demand a fee before employing you but end up taking your money or personal information. Unfortunately, it is challenging to recover your money after a forex scam, and the banks and financial institutions are often not willing to help victims recover funds. So you will need help from expert advisors who can communicate and appeal to your bank on your behalf.
Forex scams are prevalent because of the lack of restrictions and accountability in the market. Forex scammers defraud victims by convincing traders to expect a high profit by trading in the foreign exchange market.
How forex scammers operate
Scammers claim they have contacts with a company with insider trading information and claim that the data is based on expert forecasts confirmed to make enormous profits for the inexperienced trader. They usually ask for daily/weekly or monthly fees for this service but do not fulfill their promise. Instead, they will show you testimonials from allegedly legitimate sources to gain your trust yet, in reality, do nothing to forecast profitable trades.
Scammers will also disguise Ponzi schemes as high-yield investment programs. They promise high returns for a small initial investment. In reality, your money is used to pay current investors and continuously keep the cash flow they need to find new investors.
How Does A Typical Forex Scam Operate?
The currency fraud is straightforward; there is no cutting-edge technology at work. Some make unrealistic promises. You believe them, invest your money, and then they vanish from the radar. In general, this is how a forex scam works. These scams are really dangerous and might leave you empty-handed without anything left for you to take without you in the end. For example, I was foolish enough to put my money on a phone call. I was investing in forex trading-related publications a while back. I was going wild trying to gain some additional money and become a billionaire overnight, registering on various websites, and so on. That is how I discovered a company that offered to manage my forex accounts so that I could simply accomplish my other duties while my forex work was in progress.
Anyway, I registered with them, and then they contacted me and explained the entire procedure, such as how I have to register, then pay a charge or commission for such an account, and an expert will be there trading for me for a small fee. I was like, yeah, I can rest; get some more money while getting the rest from FX trading. What I did not recognize was that this was all a set-up. I trusted the agent and, without doing any further research, I deposited $5,000 in the account they offered, along with some fees. Then I waited for a response, but it never arrived; I double-checked the address they gave me, but it was all a hoax, and I couldn’t do anything. So, this is how a forex scam usually works, and the scammers take all of your money in a matter of seconds.
If you are a victim of a scam on any platform and need help in getting your money back then please reach out to us to help you!
How Can You Easily Avoid A Forex Scam?
To begin, Google respects forex forums so that you can determine whether or not the organization or broker is legitimate. Then look to see if the company or broker you’re considering investing with has an original license or regulation or if they’re untrustworthy. You may always make educated guesses based on the opportunities and promises presented to you. If they state, for example, that you may invest today and get quadruple the money in one night, it’s a significant red flag and probably a fraud. Avoid forex management funds at all costs, and instead set aside some time to do it yourself, based on my experience. Please inquire about the availability of a demo account, the response time of the support team, and their addresses, social media profiles, phone numbers, and other contact information. You may always look them up before going out and naively investing in fraud.
Lost money to online fraud? We will recover your funds !
The Most Optimal Means for Identifying A Forex Scam
When it comes to forex scams, there are a lot of obvious indications. Before you become caught up in the never-ending scamming tornado that is forex scams, you must first identify them. Here are a few indicators that you may use to spot forex frauds.
1. Undesired simple offers: It is a scam if you are called out of the blue about an incredible forex opportunity. Do not provide such persons your personal information or send money to them because they are con artists.
2. Danger-free investments: There is always a risk when it comes to spectacular schemes and claims. Even if you talk about forex trading, there’s a chance you’ll lose money. Therefore there’s no such thing as a risk-free investment in this scenario. As a result, avoid schemes that promise risk-free investments.
3. Non-realistic Offers and Opportunities: A popular strategy for spotting a forex scam is to believe that if you invest your money, it will double or tenfold in a night or a week. These false promises will never happen in real life, so do not be fooled.
4. The pressure of Time or Simple Broker Pressure: Some organizations may try to persuade you to invest right away. Those are likely to be con artists who want your money soon so they can elope, and if they offer discounts, offers, or plans to collect money quickly, don’t be fooled.
5. Avoid social media advertisements: Scammers are on the rise. They’re utilizing social media platforms to promote currency investment opportunities by exhibiting off images and other items from people who live in luxury.
How To Check If You Have Been Scammed Or The Other Party Is A Scammer?
Before engaging in any form of forex trading investment, you should review the following list. This will help you with identifying if you have been scammed or if the person you are dealing with is original/legal or a scammer.
- Don’t be fooled by outrageous profit claims.
- Look for real-time trade data rather than previous data.
- Review current and prior performance data.
- Don’t invest if they request a significant sum of money.
- Examine the winning and losing percentages.
- Look for customer reviews, whether favorable or bad.
- Look for formulas that aren’t public and assertions that aren’t true.
- Please verify with the appropriate regulatory organizations that they are legitimate.
What To Do When You Have Been Scammed?
Assume you were a victim of fraud and provided your personal or financial information. In that scenario, we recommend that you change all of your internet passwords that are not associated with the fraud. You also use a separate password for each account, and if your laptop or phone has been hacked, contact an authorized expert for assistance.
Take the time to master the strategies and approaches that scammers employ so that you do not fall for their schemes a second time. Always double-check everything before moving forward with any form of investment in the future.
What Happens Next…
After being scammed, most people’s first instinct is to contact their bank or financial institution to make a complaint. We are here to tell you that going to the bank may not achieve the results you want if you do not follow the correct procedure. The reason is there is an over 90% chance the bank will refuse your request for a refund and most likely shift the blame on you. When this happens, it makes it pretty much impossible for The Global Payback to have any form of dialogue and due process to recover your funds. You need proper guidance and assistance in such matters if you want your money back because an inaccurate strategy will affect your entire case. So before making that call to the bank, CALL US!
If you have already contacted the bank and have been refused, you must contact The Global Payback ASAP to help you win your case.
Where The Global Payback Comes in!
We are in the business of bringing hope to victims of scams, and we have the numbers to prove it. We have recovered vast sums of cash for clients with the help of our renowned recovery specialists. And we want to help you too. So, if you fall under the list of forex scam victims or are going to invest soon and are not sure about the outcome of your trades, then this is your chance to shine and get the best trades possible without any scams.