Could You Fall for This Social Media Forex Scam?

Could You Fall for This Social Media Forex Scam?

Many people think they are too sophisticated to fall for online Forex scams. However, with uncertain economic conditions and people doing more activities online, from socializing to shopping to investing, social media platforms have seen a 50% rise in scams since the beginning of 2020. 

Luckily, some services help those who have fallen victim to Forex scams. If the following story sounds like yours, consult Scam Survivor experts right away.

An accountant in the UK told the BBC that he lost 17,000 pounds sterling or $23,000 in a Forex scam on Instagram. The scam happened like many on social media–he befriended someone who told him of the fortune he made in Forex. 

Gurvin Singh told the accountant, named Jonathan Ruben that he is retired at 21 with a fancy car, all thanks to his quick and easy Forex trading platform. All users had to do is put in money and make profits off of his trades. Ruben invested 1,000 pounds at first and he started to see some initial returns. His happiness, however, would be short-lived.

After the first profits, Ruben invested more and saw it grow to 17,000 pounds. When he asked to withdraw his winnings, however, he was told that because of Brexit, his investment had lost a significant amount of money and he should make additional trades. Then, when Ruben demanded access to his fund, Gurvin Singh disappeared entirely.

What Can We Learn from this Forex Scam?

Many people believe they would never fall for a scam like this. However, we have many interactions on social media that are unexpected. We might take a liking to someone, or find that we trust them implicitly. The financial desperation of many people during strained economic times can also encourage us to take risks we might refrain from in ordinary times. 

You can avoid losing money in a scam like this if you: 

  • Work only with a regulated broker
  • Recognize that promises of instant wealth and fancy cars is a red flag
  • Look for reviews and other information on the web about the broker
  • Realize that many forex trading platforms are fake
  • If you make some strong initial profits, don’t assume it is legit. See what happens when you ask to withdraw your money

The problem with social media fraud is that they encourage people to let down their social inhibitions. We may feel certain that someone on social media is legit because they may take the time to chat with us or maybe they have a friendly face or their luxurious pictures and charismatic personalities inspire us. 

Social media is a place where one should be even more vigilant, not less. The direct access to people provided by platforms such as Facebook, Twitter, and Instagram poses many dangers, including financial fraud.

Getting Your Money Back from a Forex Scam

If you have already fallen for a Forex scam, whether it started on social media or phony websites, there are steps you can take to retrieve your funds. Once clients ask for a withdrawal, that is usually when suspicions of fraud are confirmed. However, that is the moment when many people give up hope and consider their money as lost. 

However, services such as Scam Survivor can locate the fraudulent parties and your money. Our experts are knowledgeable about all types of Forex scams, from fake apps and platforms to investment Ponzi schemes to outright phishing to steal data. We also have connections with financial regulators and use advanced data tools to track down scam artists. 

Consult with Scam Survivor experts today if you have lost money in a Forex Scam. We will assess the situation and work to track them down and get your money back.

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