Binary Option Scam Or Not

Body

Scamwatch is warning investors to beware of binary trading scams that lure you in with the opportunity to make money through nugget price movement. So far this year Australians take lost $3 million to these scammers.

Binary options involve predicting the movements of commodity, asset or index prices over a brusque time. Although they may exist a legitimate financial product with many licenced firms trading in them, binary options are speculative, high chance products that are almost incommunicable to predict, fifty-fifty for professionals. There are groups of scammers who use binary options to steal your coin.

These scammers apply high-force per unit area sales tactics to try and convince you to invest in a trading account, making claims that the system is unproblematic and high profits are guaranteed. If you lot concord, they direct yous to a website with a login, account details and the trading platform. They put your money into the account and demonstrate a number of successful trades to encourage you to invest greater sums of money.

Once invested in the scheme, victims take reported that their coin begins to disappear quickly. When they try to withdraw from the scheme, they notice it impossible to get their money out of the account. The scammer does everything they tin to proceed the victim in the programme but inevitably they finish taking the victim’s calls and, subsequently a short period of time, information technology is common for the firms to disappear.

If you receive a telephone call or see an online ad offering binary trading be very cautious. Exercise your research on the offering and the company. Don’t concur to anything straight away.

How these scams work

  • Yous receive a phone call out of the blue offering a secure investment with fast, high returns. You might also come up across these scammers through social media or online ads.
  • The scammers have professional looking websites to help them appear legitimate, usually with a login process, personalised account details and a trading platform.
  • The victim invests money into the account and either the victim or an agent attempts to guess whether a particular commodity cost will go up or down over short intervals.
  • If yous judge correctly, the account is credited with a small render. If you guess incorrectly, y’all lose the entire amount placed. The odds are stacked against you so it is very likely that y’all will lose over time.
  • When you effort to withdraw money, you find it almost impossible to do then and often lose the entire investment.
  • Binary option scammers volition as well ask for personal information, claiming they need it to transfer money or that it is required for anti-money laundering purposes. Providing this data can leave you open to identity theft.
Baca juga:  Binary Options System I-highlowmiddle

Protect yourself

  • Consider any approach for investment offers carefully, particularly if they are over the phone. Be suspicious of investment opportunities that promise a high render with little or no risk.
  • Check ASIC’s list of companies yous should non deal with. If the company that called you is on the list – don’t deal with them. Yet, if they do not announced on the list it doesn’t mean they are legitimate.
  • Bank check ASIC’due south professional registers to make sure the provider has an Australian Financial Services (AFS) License or is authorised by an AFS Licensee.
  • Don’t allow anyone pressure you into making decisions nearly money or investments – get independent legal or fiscal advice.
  • Carefully consider who you lot are giving personal information to, such every bit details from your passport or depository financial institution account, as this could be later used for identity theft.
  • If you are looking to invest in binary options your best bet is to merely say no and await for a safer, less risky investment.

Report

You can report scams to the ACCC via the Scamwatch Written report a scam page.

More information

The Australian Securities and Investments Committee’s MoneySmart website has data on binary options.

Stay one step ahead of scammers, follow @Scamwatch_gov.

Source: https://www.scamwatch.gov.au/news-alerts/dont-be-lured-into-binary-options-scams




banner

×