Alert! It turns out that this is the current trend of Forex Scams

On the rise, here are the characteristics and modes of forex fraud and how to report it to the relevant authorities! You can read more information in this one of my Financial articles!

 

Summary

  • CoFTRA, Ministry of Trade , has succeeded in blocking 954 illegal website domains since January 2021.
  • There are three modes of forex fraud that many fraudsters use and still manage to lure many victims, namely the ponzi method, taking official licenses, and imitating official sites.

Forex Scam Mode

As much as Rp. 117.4 trillion of Indonesian people’s money was stolen by irresponsible people with the forex fraud mode which has recently become increasingly widespread.

Our exposure to massive technological sophistication is indeed able to provide us with convenience in several sectors.

But at the same time, there are increased risks, one of which is the risk of being deceived by forex scams that are becoming more sophisticated by the day.

Therefore, in order not to be easily deceived and become the next victim, it never hurts to be able to know the forex fraud mode that is widely used by irresponsible people.

One of them that has been widely reported in the media is the case of binary options . In fact, binary options and forex are different, you know . Watch this video for more details.

Launching the economic.business page, the Ministry of Trade CoFTRA has succeeded in blocking 954 illegal website domains since January 2021.

This proves how it turns out that the elements still have thousands of methods and modes of forex fraud that are ready to prey on potential victims.

According to Plt. Head of the Bureau of Legislation and Enforcement for CoFTRA M. Syist, there are three modes of forex fraud that many perpetrators use and still manage to lure many victims, including:

 

#1 Ponzi Method

This method is actually an old method, first appeared by Sarah Howe, a woman from Boston, who founded Howe’s Bank, and offers deposits with high interest rates.

As with the ponzi method in general, Sarah will provide the benefits she promised to old customers by using the funds they collect from new customers.

Many perpetrators still use this scheme, and unfortunately, there are still many victims who are deceived by this scheme.

“The newest mode is offering forex investment packages under the guise of selling trading robots through investment packages using the member get member system. Syist said, citing the same page.

 

#2 Taking Official Permissions

Throughout CoFTRA’s monitoring, there are still many fraudsters who make offers and promotions using trading robots or Expert Advisors (EAs).

In addition, they also do not hesitate to attach proof of legality in the form of a Direct Sales Permit (SIUPL) to conduct business in the field of direct sales ( e-books ).

 

#3 Copy the Official Site

The forex fraud mode that is widely used by actors, the latter is duplicating the official trading site .

They do this by duplicating the sites of futures brokers licensed by CoFTRA, the introducing broker sites of foreign futures brokers, and offering forex investment packages under the guise of selling trading robots .

How to Report Forex Scams

If there are people closest to you who are victims of the forex fraud mode , you can help by reporting it to the police so they can process it immediately by bringing supporting evidence.

In addition, you can also report the fraud online through the CoFTRA complaint site ( complaint.bappebti.go.id ).

In addition to reporting it online , you can also report it by telephone, by contacting CoFTRA via telephone number (021) 31924744 or (021) 31923204.

 

Tips for not being deceived by fake investments under the guise of Forex

The following are some tips that you can do so that you are not easily fooled by fake investments under the guise of a forex trading robot !

 

#1 Registered and Legal

The first tip is quite simple, but many underestimate it.

Before investing, make sure to check the legality of it, whether it is registered with the relevant agency/authority or not.

In Indonesia, there are two institutions tasked with regulating and supervising investment activities, namely OJK (Financial Services Authority) and CoFTRA (Commodity Futures Trading Supervisory Agency).

Well, if you want to find out whether a site has received a permit to operate in Indonesia, then you can directly visit the official CoFTRA website at bappebti.go.id .

If the site is on the list that has obtained permission from CoFTRA, then we can confirm its security.

On the other hand, if you don’t find one that was obtained by CoFTRA, then you can be sure that the trading robot is a fraud.

#2 Have the Right Mindset

Most of us are easy targets for a scam because we are too lulled by sweet promises and hopes of getting a lot of money in a short time without any effort.

In fact, to get to the point where we can make a lot of money in a short time, it requires high flying hours, and a long effort.

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