Become a Victim of Forex Scams? Here’s How to Report

My Financial friends need to know how to report the following forex fraud . Let’s see together to avoid fraud.

How to Report Forex Scams

Forex profits are promising, making forex trading more and more popular among many people. The popularity of forex among traders has not escaped the ignorant hands of irresponsible people.

Individuals who are adept at taking advantage of the moment to profit in a way that harms others. They create various modes that are considered effective in attracting the attention of potential victims.

Currently, the latest mode that the fraudsters run is offering forex investment packages under the guise of selling trading robots . Instead of offering and selling e-books in accordance with the business license that CoFTRA has granted for this field.

“The newest mode is the offer of forex investment packages under the guise of selling trading robots through investment packages using the member get member system .” said Acting Head of the Bureau of Legislation and Enforcement for CoFTRA, M. Syist, quoted on the page , Monday (20/09/21).

By using this mode, CoFTRA successfully blocked 954 domains from January to August alone. In fact, from the same page, in August alone, the number of sites that CoFTRA blocked was 249 domains .

It doesn’t stop there, there are other methods that we must be aware of, namely the perpetrators duplicating the official forex trading site and making victims confused which sites are genuine and which are fake and profiteering business licenses.

Syist said that the perpetrators are sometimes able to show proof of their legality in the form of a Direct Sales Permit (SIUPL), Trading Business Permit (SIUP) and Business Identification Number (NIB), which of course is not that easy to prove the legitimacy of these elements.

Because, the official site not only has a Direct Sales Permit, but also other business licenses.

“It should be noted that all forms of trading business activities require complete licensing in accordance with the provisions of the legislation in the field of business, not only SIUP and NIB. In the case of conducting business in the field of PBK, a business license must be obtained from CoFTRA.” He said, quoted on the same page.

Before we get into how to report forex fraud, let’s first know the characteristics of the following forex scams. My friends know, there are at least three points that can be used as benchmarks to assess the authenticity of a broker site , fraud or not. Among others are:

Attention Service Provided

If the site offers investment packages instead of offering e-books as regulated by CoFTRA, then we can confirm that it is a scam.

Especially if the broker offers large and definite profits, which of course doesn’t make sense, considering that trading should be about fluctuations and uncertainty.


Check Regulation

Make sure that the broker has complete permits from the authorities, which for Indonesia is CoFTRA. Be sure to double cross-check by visiting CoFTRA’s official website to make sure the broker ‘s name is on the safe list.


Check Addresses Online And Offline

Make sure that we are not fooled by cloned forex brokers who use the name of a popular broker , and use a domain that is similar to the real one. In addition to the online address , be sure to check the offline address of the broker .

If they use an address that is not clear or even a fictitious address, then we can confirm that it is a scam. If you already know the characteristics of a fake forex broker , then now is the time to find out about how to report forex fraud .

In fact, victims can immediately report this fraud to the police so they can process it immediately by bringing evidence as support.

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