The Dark Art of Data Theft on Fake Trading Platforms
Most investment fraud begins on social media. One can certainly find many advertisements there promising the world to those who are willing to try their luck. These ads take you to a website that vaunts the merits of a very interesting service: a trading platform, an app (artificial intelligence), a training course, etc. that enables you to get rich quickly and without risk! To do so, all you need is to fill out the contact form.
This is what might happen if you sign up:
1. A few minutes later, you will get a phone call from an “expert”;
2. The person on the line will reassure you and guide you through the various payment steps;
3. Next, you are put in touch with a “trader” who helps you open an account on an online trading platform;
4. This “trader” then tries to create a bond of confidence with you to encourage you to invest even more money;
5. You see your earnings rise rapidly, and the platform looks very professional;
6. Everything seems fine. You even manage to recover part of your earnings;
7. However, when you try to make subsequent withdrawals, unexpected problems emerge. You will have to pay unforeseen “taxes”, to which additional fees are added, and so on. And on and on;
8. You begin to doubt the legitimacy of this platform and tell the so-called “trader” of your concerns;
9. From that point on, the tone changes and your contact person starts to be threatening;
10. You are no longer able to reach him or her, or worse, you are subject to daily harassment;
11. In the end, you never recover the total amount invested.
The Financial Services and Markets Authority (FSMA) has noted that victims of fraudulent trading platforms had entered their contact information on the following sites:
- Bit 2.0 Urex (https://the-bit2urex.com; https://bit2urex.com/)
- Bitcoin 360 Ai (https://bitcoin360ai.com; https://bit-indexai.com; https://the-bitcoin360-ai.com; https://bitcoin-360-ai.org)
- Bitcoin Bot (https://bitcoin-bot.app; https://bitcoin-bot-pro.com)
- BitiCodes (https://biticodes.com; https://the-biticodes.com; https://biticodes-app.com)
- Bitindex Prime (https://bitprime-gold.com; https://bitindexprime.org; https://bitindexprime.com; https://bit-indexprime.app; https://bit-indexprime.com; https://thebitindex-prime-app.com; https://thebitindex-prime.com)
- BitIQ (https://bitiq.app; https://bit-iq.co; https://bitiq.org; https://bitqt-app.net; https://bitiq.live; https://bitiqapp.com) - Bitsoft 360 (https://bitsoft360.com)
- Granimator (http://granimator.live)
- Immediate Connect (https://immediateconnect.net; https://immediate-connect.app; https://immediateconnect.ai)
- Immediate Momentum (https://immediate-momentum.com ; https://immediate-momentum.io) - Markets trends education (https://markettrends.education)
- Oil (Pro) Profit (https://oilproprofit.com; https://oil-profit.app) - Professor PIPS (https://professorpips.academy)
- ProMarket (https://promarket.academy) - Quantum Prime Profit (http://quantum-prime-profit.com) - Trade 2.0 Intal (https://500tradeintal.app) - University4Traders (https://university4traders.com)
For more information, please see our flow chart “Investment fraud: the ‘classic' scenario” as well as the page on “How to recognize and avoid fraud”. Please take a look at our awareness-raising videos (available in French and Dutch only).
This article was published in collaboration with The Financial Services and Markets Authority (FSMA)
Image source: Unsplash.com
Report a Scam!
Have you fallen for a hoax, bought a fake product? Report the site and warn others!
Scam Categories
Help & Info
Popular Stories
As the influence of the internet rises, so does the prevalence of online scams. There are fraudsters making all kinds of claims to trap victims online - from fake investment opportunities to online stores - and the internet allows them to operate from any part of the world with anonymity. The ability to spot online scams is an important skill to have as the virtual world is increasingly becoming a part of every facet of our lives. The below tips will help you identify the signs which can indicate that a website could be a scam. Common Sense: Too Good To Be True When looking for goods online, a great deal can be very enticing. A Gucci bag or a new iPhone for half the price? Who wouldn’t want to grab such a deal? Scammers know this too and try to take advantage of the fact. If an online deal looks too good to be true, think twice and double-check things. The easiest way to do this is to simply check out the same product at competing websites (that you trust). If the difference in prices is huge, it might be better to double-check the rest of the website. Check Out the Social Media Links Social media is a core part of ecommerce businesses these days and consumers often expect online shops to have a social media presence. Scammers know this and often insert logos of social media sites on their websites. Scratching beneath the surface often reveals this fu
So the worst has come to pass - you realise you parted with your money too fast, and the site you used was a scam - what now? Well first of all, don’t despair!! If you think you have been scammed, the first port of call when having an issue is to simply ask for a refund. This is the first and easiest step to determine whether you are dealing with a genuine company or scammers. Sadly, getting your money back from a scammer is not as simple as just asking. If you are indeed dealing with scammers, the procedure (and chance) of getting your money back varies depending on the payment method you used. PayPal Debit card/Credit card Bank transfer Wire transfer Google Pay Bitcoin PayPal If you used PayPal, you have a strong chance of getting your money back if you were scammed. On their website, you can file a dispute within 180 calendar days of your purchase. Conditions to file a dispute: The simplest situation is that you ordered from an online store and it has not arrived. In this case this is what PayPal states: "If your order never shows up and the seller can't provide proof of shipment or delivery, you'll get a full refund. It's that simple." The scammer has sent you a completely different item. For example, you ordered a PlayStation 4, but instead received only a Playstation controller. The condition of the item was misrepresented on the product page. This could be the