27/01/ · The police in Kuala Lumpur have arrested 87 Chinese national, working for a crime syndicate, which operated an online investment, forex and crypto currency scam. The 79 men and 8 women were caught red handed using online applications to find victims and to lure them to invest in crypto currencies and forex trading 02/01/ · Chinese authority scams comprised 74 per cent of all losses to threat based scams, over $ million. These scams target Mandarin-speakers in Australian and impersonate authorities such as the Chinese embassy, police or other government officials. “Threat based scams disproportionately impact people with English as a second language Currency Scams Often Target Members of Ethnic Minorities. Some currency trading scams target potential customers in ethnic communities, particularly persons in the Russian, Chinese and Indian immigrant communities, through advertisements in ethnic newspapers and television “infomercials.”Estimated Reading Time: 9 mins
Threat based scams targeting young people and Chinese community ⋆ Live Forex Tdading
Beware of foreign currency, also known as Forex, trading scams promising returns that are too good to be true. You might see advertisements for Forex on TV, on the radio, in the newspaper, fancy websites, unsolicited emails and late-night phone calls.
Who can blame them. They want to get the word out on this exciting low-risk investment opportunity with returns so high they are almost embarrassing. Foreign currency trading certainly sounds exciting and everyone knows that George Soros made a killing from it years ago.
These days, though, the the sales pitches are almost all for a product that is nothing more than a scam. Foreign currency futures and options contracts can be traded legally on an exchange or board of trade approved by the CFTC, foreign exchange forex scam targeting chinese citizens.
In addition, trading can be conducted legally where one or both parties to the trading is a bank, insurance company, registered securities broker-dealer, futures commission merchant or other financial institution, or is an individual or entity with a high net worth.
Currency trading is not limited to these boards, exchanges, banks or insurance companies but anyone engaged in the exchange of currencies who is not regulated falls under the jurisdiction of the United States Commodity Futures Trading Commission CFTC. The Foreign exchange forex scam targeting chinese citizens has witnessed the increasing numbers and growing complexity of financial investment opportunities in recent years, including a sharp rise in foreign currency trading scams. While much foreign currency trading is legitimate, various forms of foreign currency trading have been touted in recent years to defraud members of the public.
Forex currency trading scams have increased in number recently and the problem has become so bad that the CFTC has released an advisory:. Currency trading scams often attract customers through advertisements in local newspapers, radio promotions or attractive Internet sites. These advertisements may tout high-return, low-risk investment opportunities in foreign currency trading, or even highly-paid currency-trading employment opportunities.
The CFTC urges you to be skeptical when promoters of foreign currency trading claim that their services or account management will earn high profits with minimal risks, foreign exchange forex scam targeting chinese citizens, or that employment as a currency trader will make you wealthy quickly.
Forex scams are so numerous and take so many forms that it makes more sense to tell you how to identify a Forex scam than to atempt to list them.
As you will see Forex scams have a lot in common with other investment scams with the main theme being: Getting Rich Quick with no risk to the investor. Anyone that makes this kind of promise should be avoided and possibly reported to the CFTC. In particular, retirees with access to their retirement funds may be attractive targets for fraudulent operators.
Getting your money back once it is gone can be difficult or impossible, foreign exchange forex scam targeting chinese citizens. Foreign exchange forex scam targeting chinese citizens extremely wary of companies that guarantee profits, or that tout extremely high performance. In many cases, those claims are false.
Be suspicious of companies that downplay risks or state that written risk disclosure statements are routine formalities imposed by the government.
The currency futures and options markets are volatile and contain substantial risks for unsophisticated customers. The currency futures and options markets are not the place to put any funds that you cannot afford to lose.
For example, retirement funds should not be used for currency trading. You can lose most or all of those funds very quickly trading foreign currency futures or options contracts. Therefore, beware of companies that make the following types of statements:. Margin trading can make you responsible for losses that greatly exceed the dollar amount you deposited. However, those amounts, which are relatively small in the currency markets, actually control far larger dollar amounts of trading, a fact that often is poorly explained to customers.
Be especially alert to the dangers of trading on-line; it is very easy to transfer funds on-line, but often can be foreign exchange forex scam targeting chinese citizens to get a refund.
It costs an Internet advertiser just pennies per day to reach a potential audience of millions of persons, and phony currency trading firms have seized upon the Internet as an inexpensive and effective way of reaching a large pool of potential customers. Many companies offering currency trading on-line are not located within the United States and may not display an address or any other information identifying their nationality on their Web site.
Be aware that foreign exchange forex scam targeting chinese citizens you transfer funds to those foreign firms, it may be very difficult or impossible to recover your funds. What appears to be a promising job opportunity often is another way many of these companies lure customers into parting with their cash. You should be aware, however, that It may be difficult or impossible to do so, or to verify the information you receive. While firms and individuals are not required to provide this information, you should be wary of any person who is not willing to do so or who provides you with incomplete information, foreign exchange forex scam targeting chinese citizens.
However, keep in mind, even if you do receive a glossy brochure or sophisticated-looking charts, that the information they contain might be false. Plan to do a lot of checking of any information you receive to be sure that the company is and foreign exchange forex scam targeting chinese citizens exactly what it says. Get the background of the persons running or promoting the company, if possible.
Ask for all information in written form. If you cannot satisfy yourself that the persons with whom you are dealing are completely legitimate and above-board, the wisest course of action is to avoid trading foreign currencies through those companies. If you are solicited by a company to purchase commodities, watch for the warning signs listed below:. Commodity Futures Trading Commission CFTC Questionnaire Form.
What is a Forex Scam? Forex currency trading scams have increased in number recently and the problem has become so bad that the CFTC has released an advisory: Currency trading scams often attract customers through advertisements in local newspapers, radio promotions or attractive Internet sites. Stay Away From Opportunities That Sound Too Good to Be True.
Get-rich-quick schemes, including those involving foreign currency trading, tend to be frauds. Avoid Any Company that Predicts or Guarantees Large Profits. Stay Away From Companies That Promise Little or No Financial Risk. Be Wary of Sending or Transferring Cash on the Internet, By Mail or Otherwise. Currency Scams Often Target Members of Ethnic Minorities. Be wary of high-pressure tactics to convince you to send or transfer cash immediately to the firm, via overnight delivery companies, the internet, by mail, or otherwise.
Be skeptical about unsolicited phone calls about investments from offshore salespersons or companies with which you are unfamiliar. Prior to purchasing: Contact the CFTC. Contact the National Futures Association to see whether the company is registered with the CFTC or is a members of the National Futures Association NFA?.
While registration may not be required, you might want to confirm the status and disciplinary record of a particular company or salesperson. org and the National Futures Association www. Be sure you get all information about the company and verify that data, if possible. Learn all possible information about fees charged, and the basis for each of these charges.
Commodity Futures Trading Commission Three LaFayette Centre 21st Street, foreign exchange forex scam targeting chinese citizens, N. Washington, D. Notify of. new follow-up comments new replies to my comments. Inline Feedbacks.
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27/01/ · The police in Kuala Lumpur have arrested 87 Chinese national, working for a crime syndicate, which operated an online investment, forex and crypto currency scam. The 79 men and 8 women were caught red handed using online applications to find victims and to lure them to invest in crypto currencies and forex trading On a recent case which saw over China nationals arrested over a foreign exchange scam targeting Chinese citizens, Home Minister Tan Sri Muhyiddin Yassin said he spoke to his China counterpart during a bilateral meeting in Bangkok recently and Beijing expressed willingness to assist Malaysia in solving the matter. He added that perhaps China could advise their own citizens not to Currency Scams Often Target Members of Ethnic Minorities. Some currency trading scams target potential customers in ethnic communities, particularly persons in the Russian, Chinese and Indian immigrant communities, through advertisements in ethnic newspapers and television “infomercials.”Estimated Reading Time: 9 mins
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