How these Forex companies will fish our your money out when you trade!
Phishing is a very clever fraudulent technique. Basically, it’s an attempt to gain access to your banking and personal details, so they can steal money from you.
Here’s how it works.
A scamming company will send you an email pretending to be a professional institution.
They’ll say something like “You’ve just won R10,000 for your Forex trading account”.
Don’t believe them!
They’ll then try to lure you in by clicking on a link, which will take you to a fake site.
This site will explain how you won the price and will explain in detail what you need to do to bank your R10,000.
But then here’s the catch!
At the bottom you’ll often find a fake order form. This is where you’ll plug in your banking and personal details.
If you start filling in this information, they’ve got you.
Your emotions will take over as adrenaline and excitement runs through your veins.
You’ll feel like this is the one time you won’t get caught.
But you will. Again and again and again!
And instead of finding +R10,000 into your account. You might see –R50,000.
And if the source is from overseas… You might never see your hard earned money EVER again, as you cannot reverse the transaction.
So what do you do to not fall into this fishing trap?
First thing you must do is ask yourself these questions:
Question #1: Do I know this company?
Question #2: Why of all people, have I won the R10,000 account?
Question #3: Have they told me any confidential information about my trading account that no one would knows or could they have sent this to anybody?
Once you’ve answered your questions, then you need to do a bit of research.
Go to Google and look up this institution… Carefully read over their website, details, content, what they’re about, where they’re from and what they do.
Then look for their contact details. Scrutinize them. Are they from the country you live in? Do they even have contact details?, who are the staff that work there?
But this is not nearly enough!
You need to go the extra step to see if there have been any testimonials or reviews on this company…
Phone the banks and ask them if they’re registered and legitimate companies.
This is the most important tip
If you have never heard of the company, don’t understand why you would win anything and you’ve read nothing about them other than their own site – IT’S A SCAM!
However, if you don’t think it’s a scam by this point then do one more thing for me…
Tell me, on the InvestorsClub.co.za
, about the institution and the message you got where you won something. I will go the extra step and investigate the matter for you.
I can’t tell you how many people I’ve helped save themselves from losing millions from these kinds of scammers. So I’ll happily help investigate for you.
We’re coming to the last two scams of Christmas… And so keep reading Trading Tips every day.
"Wisdom yields Wealth"
Senior Editor: Trading Tips
Head Analyst: Red Hot Storm Trader
Author: 94 Top Trading Lessons of All Time