What is a trading scam?
A trading scam is a fraud perpetrated on a person via a strategy that involves a promise of trading. It is typically displayed as a business advertisement that is sent to a user in an email. The scammer is basically offering a certain rate of return. He/she is also able to send tips or tricks, promising that the investment will be profitable. The user will then be prompted to fill a form in order to obtain the brokerage details. At this point, a seller of brokerage details will appear at a convenient time to deliver the money. However, the owner of the brokerage will not deliver the money or the investment, and the user will then be asked to pay more to resolve the problem.
How do you know if you’ve been scammed?
Well, this is certainly the time to ask your coworkers, friends, and family about the money they’ve lost because of their fraudster friends. Their behavior is definitely hard to miss. They’re always asking you to send them money, or they start getting suspicious and calling you or the bank. In this case, there is no confusion. You know you’ve been scammed.
Now that you know how this type of fraud happens, what can you do to recover your stolen funds?
Do your research
Whether you are scammed directly or through another means, your fraudster friend is trying to make you do something you’re against. If you find out they’re planning on investing in a fraudulent company, or are trying to convince you to invest in a fraudulent company, then you need to do your homework.
Who should I contact to find my stolen funds?
Since funds are transferred electronically and online, you need to be contacted at the specific bank or other company and they need to be notified immediately. Additionally, you should immediately contact any credit reporting bureau you have contact information with for a potential identity theft situation and change all of your account information in the meantime. Once you find your money, contact the FBI and also report the crime to your local police. If your computer or service was compromised, you will need to get a different service or device from the same company. If you can afford it, hire a private investigator to recover the funds as well.
Can I just ask my friends for help?
Unfortunately, this is often what happens to people and their finances.
What are the different types of trading scams?
Through a single scheme, a criminal may fraudulently charge countless victims billions of dollars. This scam works in the following ways:
1. Scammers offer a “free” on-line trading opportunity for people to buy stocks, bank stocks, other types of products or services. Of course, if you ask for any kind of fee or recurring charge or subscription fee, this is a “gift” and you will be charged by the vendor or the scammer. This is one of the simplest schemes of all time.
2. Another scam is when a dealer (an undercover employee) offers to sell an insurance policy for a fee of a few dollars, instead of paying directly through a financial institution. The promise is that you can invest a large sum of money into the insurance policy and never have to worry about losing money.
Why trading scamming is happening now and how to stop it.
It used to be the norm to pay for trades with your credit card, or even your debit card. With the advent of credit cards with built-in anti-fraud, it seemed that criminals figured out a way to cheat and get a free credit report and money in return. But nowadays there’s another dangerous element in the market that’s more like a terror. The Internet trade scam. These shady individuals come up with new and old websites which force the victims to pay to get their money back. This is where professional fund recovery companies come into the picture.
How to recover your lost funds?
Oftentimes, victims end up giving their hard-earned money to fraudsters. One of the most recent scams hitting the internet is an electronic fund transfer to someone else.
At the end of the day, it is your money that you had in mind, not your stolen funds. But if this is the case, it is important to understand how to avoid becoming a victim of cyber crime, and ways to recover your stolen funds. Investigate possible cyber criminals to keep your wallet safe from their hands. While it may be a bit of a struggle for a while, you’ll be pleased to know you’ll make your hard-earned money a whole lot easier to get back.