Jobs & Employment

Forex Trading Scams

In this instance, you get communication via different means, such as email, SMS, pop up alerts or calls that you are a winner of a lottery or a competition. The amount that you are indicated to have won is usually so high that you will be overwhelmed. To facilitate you getting the money, there is payment that is requested from you and when you make the payment, that is when you realize that you have been duped.

How does this scam work?

Scammers contact you via different means such as:

They indicate that you have either won a lottery or a competition that makes you win goods of high value. Such goods for example are cars, phones, electrical gadgets of high worth or anything that is of value.

In most instances, you would have never entered a lottery or a competition and yet you will be proclaimed winner. In few instances, you would have really entered a competition or lottery and they would have obtained inside information that you have entered the competition and the scammers will be having that as an advantage.

When you are proclaimed the winner, they will indicate that you need to make an upfront payment so that your winnings are directed to you. Such payments are electronic payments at most times via crypto currency payments or wire transfers.

When you make the payment to the scammers, they will vanish and cut communication

They make the websites and communication so real that you will actually think that you have won. They use well-spoken personnel to make contact as well as inform you that you have won.

If it is via written communication, they use proper English that will never make you doubt that you are an actual winner.

This scam is prevalent and has prejudiced many people of a lot of money. The idea of getting rich quick is something that reasonable human beings take hard to say no to.

In some instances, rather than asking for upfront fees, they will ask for your bank information that they may later on use to defraud you.

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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