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Forex Trading Scams

You get contact via different communication means, usually emails that you are the heir to a large inheritance to someone you don’t even know of. In some instances, it indicates that it is a long-lost relative who doesn’t have anyone to give the inheritance to, but in some instances, it is indicated that it is someone who shares the same last name with you who doesn’t have heirs to the inheritance. So, they indicate that you need to make a certain payment for you to get your hands on the large fortune.

How does this scam work?

Scammers contact you via different means such as:

They contact you under the impression that they are either legal representatives or bank representatives of the deceased. They tailor make a story that may be believable when you hear it, such as a long-lost relative died whilst being rich and assigned them to track you and now, they have found you. The deceased is in this case someone who is rich, and their money usually stretches up to millions in United States Dollars. They state some legal complications in you obtaining the inheritance and you having to prove yourself that you are the person that you say you are. In this case, you must send documentation that proves you are the person, such as Identification documents or others. In this case, you sending this information can have you exposed to phishing. In some instances, they state that there are some legal costs and banking costs that need to be covered by you so that you can secure your inheritance. When you make these payments, that is when the scam comes in and you are defrauded. In some instances, the banking or legal officials state that you are not related to the person, but you share the same last name. They indicate that the person does not have any heirs and the money might be taken by the bank if an heir is not found. So, they make a deal with you to pose as the relative of the deceased so that you both can find a way to withdraw the money from the bank. The scammer proposes a deal such as you are getting 40% of the money in the end and them getting 60%. This is usually a very appealing deal since 40% will be stretching into millions with you just acting as a poser. It now becomes similar to the one when they say it is a long lost relative in that they can expose you to phishing or you have to make an upfront payment to secure the inheritance. In most cases, the scammers provide you with documentation to sign that seems legit and you will think that you are scoring when you are the target, and you are their mark. They even set up profiles on social media that may make you believe the whole story if you conduct your own due diligence.

Red flags or Warning signs

How to protect yourself

Have you ever been scammed?

  • Do you think that you have ever been scammed? If you have, you can help the next person and guide them from not being a victim by reporting this scam.
  • Reporting this scam can help your friends and family.
  • Also, seek help and guidance on how to avoid being scammed.
  • In case you have issued your banking details or any other personal information that can get your bank account defrauded, contact your bank immediately.

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