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January 15, 2022

Four Things That Can Help Reduce Your Risk of Forex Fraud

For decades, foreign exchange fraud has been a popular money-laundering strategy because it often promises profits of 100% or more per trade. But few forex fraudsters make off with all the money they promise —and there are a few things you can do to lessen your risk of getting ripped off.

  • Make sure you’re prepared before you make any trades.

The most common reason forex fraudsters rip off their victims is because they’re often using unfamiliar software. Make sure you know what platform your trading platform uses, and install it so you can follow its standard procedures.

We’ve found that it’s much easier to spot a trading platform that has a lot of problems than it is to spot a platform that isn’t functioning properly. You can do a search for the term “fraud protection” on your chosen platform’s site to see if you can find any useful advice for identifying problems and how to avoid them.

  • Be wary of offers for new trading accounts or deposit methods.

Scammers frequently offer new trading accounts or deposit methods at incredibly low prices to lure unsuspecting victims into handing over their money. To do this, they’ll often provide fake shipping labels that look perfectly legit, as if they’re being sent to the address on file with your trading platform. If you’re still a little unsure, you can always reach out to the company and get a real quote.

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You’ll need to provide your email address, name, country, and other details, but it’s usually safe to do so. Once you get a quote from the company, you can verify that it’s actually shipping to the address you gave it. If it is, the risk of fraud is extremely low. You can register account with veracity markets as they are reliable and trusted.

  • Don’t leave the chat window open on your trading platform.

Many forex trading platforms let you keep an ongoing chat window open while you trade, and it’s easy to get sucked into the chat window and forget you have a predetermined limit on how much money you can send to your account at a time. In addition, a chat window is often open on the dashboard of the trading platform you’re using, so you can see all the activity going on in your account.

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Scammers have had success before by posing as representatives from trading platforms that have no relation to them, even though they’re not actually associated with the platform. That’s why we recommend closing your chat window when you’re not actively trading.

  • Be cautious when sharing your contact details.

You can make it difficult for scammers to scam you by ensuring that they’re getting real information about you from the source you provide. For example, you may include your company name, name of your employee, title, and email address. One of the easiest ways scammers have gotten past security measures and used your contact details is by creating fake account profiles on professional networking sites such as LinkedIn.

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Scammers can make it appear that the profile belongs to a real person in your company, and from there, they can log into the real profile and look through your profile for the phone number and email address that you gave them. Be sure to check your accounts for fake accounts that are posing as you.

Conclusion:

It’s not unusual for scammers to try to target traders by sending them false emails, trying to trick them into handing over their personal or financial information, or using a reputable but suspicious-sounding name in an attempt to trick their targets into sending money to a fake account. It’s important to remain vigilant, and it’s always a good idea to call your trading platform and let them know about any suspected suspicious activity.

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