This fellow, who turned out to be an affiliate marketer, turned on people on Instagram to the secret behind his wealth-forex trading. He had apparently made a fortune in forex trading and was literally giving money away to strangers on the street without explanation. Promises and Deception of a Forex Trading ScamĪccording to the BBC, Jonathan’s story began with a wealthy young social media influencer showing his lavish lifestyle. Behind it all was a fake broker without appropriate licenses that defrauded traders of millions. It is the kind of tale heard all too often by experts at Trader Defense Advisory. This time, it is a tale of a forex trader who identified himself as Jonathan and his devotion to an affiliate marketer who was selling a sham service on Instagram. SCHAUMBURG, ILLINOIS, UNITED STATES, / / - SCHAUMBURG, Ill., The scenario is familiar but the stories are no less wrenching. Trader Defense Advisory professionals are well-versed in the process

If anyone falls victim to a scam, they should contact their bank and then report it to their local police too.Wire recall is a process that requires investigation and close attention to detail. Police also reminded people not to engage with scammers and to report any incidents to them immediately. While most did not buy into to the scam, police urged people to make sure vulnerable and elderly family members, who were more vulnerable, were aware of these tactics.īanks, police, and government agencies will never contact people out of the blue and ask for your password, credit card or bank details. 'The scammer then attempts to obtain the victim's credit card information.' 'Victims of this scam have received a message from an unknown number, claiming to be a loved one who has just lost their phone and got a replacement. However, the scam had now evolved to the point that they also impersonate banks, police or a government agency, police said. Police advice is: if in doubt as to a person's legitimacy, ask if you can call them back, or if you know them well, ask them a personal question - for example their date of birth, maiden name, pet name or name of a sibling. The scammers usually pretend to be loved ones in difficulty and in particular need of money, police said.

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