Scammers Beware, The FBI Is Out To Get You

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Scammers Beware, The FBI Is Out To Get You

The FBI Is On Full Alert

The FBI, in an alert to investors, says that binary options fraud is a growing problem. Well no #$%&. Binary options fraud has been the name of the game since the game was first introduced. I’m not saying that the entire industry is a fraud because its not. Trading binary options is perfectly fine, it’s a great way to speculate the market and easy way to have a little fun with the chance to make some money, if you find a good broker. That is the hard part and that is what, hopefully, the FBI and other international regulatory agencies are going to do. Help us all understand who is legal and where, who can trade there and what and keep all the money safe while we are doing it.

The CFTC laid a good foundation when they allowed binary to begin, the trouble is all the scam artists that hide behind their websites using VPN’s and other hi-tech computer wizardry to make people think they are a legit broker. The Internet makes it too easy, all you have to do is pay for hosting services, buy a URL, hook up with a white label platform provider, set up an offshore business, bank account and payment processor and you’re in business. The best brokers really are in the business of binary options, the worst are only in business to rip people off and in-between are the ones who could be legit, if they weren’t trying so hard to keep people trading and losing money.

This is where regulation comes into play and why the FBI’s new proclamation could turn out to be important. The basic message is nothing we haven’t heard before; most binary options brokers operating in the US/(insert your country here) are not legally operating or registered with appropriate authorities. The twist is that this time someone is using the words international and cooperation together with binary options regulation.

The FBI organized an international summit in January, located at the Hague, to discuss the growing problem. While there many European nations revealed that binary fraud accounted for as much as 25% of all complaints and the estimate may be low. The purpose of the summit was to establish what the risks were and where they were coming from and how to combat them going forward.

Special Agent Milan Kosanovich, which was one of the FBI’s representatives at this event, said: “The summit gave all of us the chance to sit down and talk about what we’ve discovered through our respective binary options fraud investigations, where the challenges are, and how we can all work together. . . So the key to addressing this type of fraud,” he went on, “is national and international coordination between regulatory agencies, law enforcement, and the financial industry.”

Based on actions being taken in Europe it looks like focus is splitting and intensifying on two fronts. On one side is tighter regulation, on the other is a crack-down on 3rd party services and marketing, where most of the scams come from anyway. For now, NADEX is the only US CFTC broker worth trading.

FBI Warns of Online Dating Scams

Millions of Americans visit online dating websites every year hoping to find a companion or even a soulmate. But as Valentine’s Day gets closer, the FBI wants to warn you that criminals use these sites, too, looking to turn the lonely and vulnerable into fast money through a variety of scams..

These criminals—who also troll social media sites and chat rooms in search of romantic victims—usually claim to be Americans traveling or working abroad. In reality, they often live overseas. While their most common targets are women over 40 who are divorced, widowed, and/or disabled, but every age group and demographic is at risk.

Here’s how the scam usually works. You’re contacted online by someone who appears interested in you. He or she may have a profile you can read or a picture that is e-mailed to you. For weeks, even months, you may chat back and forth with one another, forming a connection. You may even be sent flowers or other gifts. But ultimately, it’s going to happen—your new-found “friend” is going to ask you for money.

So you send money. but rest assured the requests won’t stop there. There will be more hardships that only you can help alleviate with your financial gifts. He may also send you checks to cash since he’s out of the country and can’t cash them himself, or he may ask you to forward him a package.

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So what really happened? You were targeted by criminals, probably based on personal information you uploaded on dating or social media sites. The pictures you were sent were most likely phony lifted from other websites. The profiles were fake as well, carefully crafted to match your interests.

In addition to losing your money to someone who had no intention of ever visiting you, you may also have unknowingly taken part in a money laundering scheme by cashing phony checks and sending the money overseas and by shipping stolen merchandise (the forwarded package).

In another recently reported dating extortion scam, victims usually met someone on an online dating site and then were asked to move the conversation to a particular social networking site, where the talk often turned intimate. Victims were later sent a link to a website where those conversations were posted, along with photos, their phone numbers, and claims that they were “cheaters.” In order to have that information removed, victims were told they could make a $99 payment—but there is no indication that the other side of the bargain was upheld.

While the FBI and other federal partners work some of these cases—in particular those with a large number of victims or large dollar losses and/or those involving organized criminal groups—many are investigated by local and state authorities.

We strongly recommend, however, that if you think you’ve been victimized by a dating scam or any other online scam, file a complaint with our Internet Crime Complaint Center (www.ic3.gov).

Before forwarding the complaints to the appropriate agencies, IC3 collates and analyzes the data—looking for common threads that could link complaints together and help identify the culprits. This helps keep everyone safe.

Here are some tips on how to avoid becoming a victim of an online dating scam.

Recognizing an Online Dating Scam Artist

Your online “date” may only be interested in your money if he or she:

  • Presses you to leave the dating website you met through and to communicate using personal e-mail or instant messaging;
  • Professes instant feelings of love;
  • Sends you a photograph of himself or herself that looks like something from a glamour magazine;
  • Claims to be from the U.S. and is traveling or working overseas;
  • Makes plans to visit you but is then unable to do so because of a tragic event; or
  • Asks for money for a variety of reasons (travel, medical emergencies, hotel bills, hospitals bills for child or other relative, visas or other official documents, losses from a financial setback or crime victimization).

Do not send money through any wire transfer service to someone you met online. The chances of recovering your money are very slim.

Scammers Beware, The FBI Is Out To Get You

The FBI Is On Full Alert The FBI, in an alert to investors, says that binary options fraud is a growing problem. Well no #$%&. Binary options fraud has been the name of the game since the game was first introduced. I’m not saying that the entire industry is a fraud because its not. Trading […]

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    Best For Beginners!
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    Free Demo Account!
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  • BINOMO
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    Only For Experienced Traders.

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