Forex Fraud: Have you been Scammed in an Investment Fraud? How to counter the continuous rise of Forex Fraud

07 Jun 2021 6:41 AM | Anonymous member (Administrator)

Several recent reports support the fact that investment frauds and scams are rising fast in the current economic climate. Criminals involved have been quick to leverage the lockdown and adapt to new ways of targeting their victims and also to new markets. The Financial Conduct Authority (FCA) and Action Fraud reported that Forex and crypto scams had more than tripled during the lockdown. Investment fraud in 2018-19 amounted to over 27 million and new reports indicate that Investment frauds accounted for losses of £63 million. The report refers to the changing methods used by the fraudsters; in one year 5,039 victims mentioned being approached through a social media platform, with Instagram leading the way with 35.2% and Facebook close behind with 18.4% of the scams arising through their sites. There are, however, still direct approaches being made.

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