Distinguish a Forex Scam From the Real Deal  

 Distinguish a Forex Scam From the Real Deal

 

The thing is, Forex scams are pretty easy to sniff out once you know what to look out for, and make no mistake, there are thousands of websites that are waiting to take  Forex scam  your money for no other reason than they can. Scammers and charlatans are aplenty when it comes to the internet and Forex is one of the ways that they rope eager, naïve investors in with wild promises, take your money – supposedly to be placed in a brokerage account. What happens to your money is it usually gets wired to several international accounts under false names and gets withdrawn within moments of your deposit. These scammers are sometimes operating worldwide, which means that they are some times quite impossible to trace.

What happens is that they will set up bank accounts in countries with loose financial laws or with a banking infrastructure or security measures that have not been fully developed. These include many third world countries in African states as well as parts of South America. They will then set up various accounts across the world under false names, in small banks that are connected to the international economy. PayPal does not have the necessary distinguishing tools and it normally acts as a financial middleman between the consumer and the merchant – routing the money from the internet credit transaction to the bank account of choice. All the scammers have to do is pay the nominal fee for the online banking charges and sit back and wait for the money to come rolling in.

When the money comes in, there is a tracking system within their website that alerts them of a sale and they send a single representative to withdraw the money immediately, making sure that the transaction is quick. In a matter of a few weeks or even days, the account is sometimes either left dormant or even closed – in sync with the closure of the website or service that they provide. Then the cycle happens all over again to someone else.

 

 

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