When someone offers you a bogus – but often tempting – potential to benefit after you pay over a chunk of money, this is known as an investment scam.
Scams involving investments fall into three categories.
- This is a completely fake investment that does not exist.
- The investment exists, but the con artist takes the money rather than investing it.
- The con artist claims to be from a respectable and well-known financial firm, but they’re lying.
I invested $50,000 in a scam.
An online trader specializing in binary options, bitcoin, and forex trading called me over the phone. He claimed that his firm was cutting-edge, that it utilized cutting-edge technology, and that it could provide guaranteed profits. I put down a few thousand dollars and used their internet platform, which appeared to work flawlessly. My trades were clearly profitable, as I could see. They insisted that I invest more, and they guaranteed that I would earn even more. I ended up investing $50,000 in total. When I asked to withdraw my funds, I was told that I would have to pay taxes on my profits first. They never informed me of this, but they insisted that I pay taxes before I could get my money back. My transactions began to fail after I requested my money, and my cumulative winnings began to decline. They pushed me to invest more so that I might improve my ‘trades volume’ and reverse the situation. They claimed I’d lose everything unless I put more money into an emergency fund. This fraud has made me quite ashamed because they were very convincing and skilled. They said I’d be ‘kicked off the market’ because my trades were failing and that I’d be reduced to 3% of my initial investment, but I already knew it was all a ruse.
About the company that helped me recover my lost investment
After learning of the fraud and coming to terms with the fact that I had lost $50,000 to a scam, I came across an asset recovery company, chargebackway. ChargebackWay makes use of current principles, buyer privileges, and innovative solutions to ensure that you receive the best possible recovery assistance. You will receive instructions and recommendations to begin your recovery process after proving that your solicitation is valid and that a scam has been submitted. Insight experts, banking experts, and former law enforcement representatives make up the ChargebackWay colleagues and team of professionals. They will decide on the best plan for recovering your lost assets together. ChargebackWay will be your face in front of all parties involved throughout the entire process.
This type of con should be avoided.
- Hang up on the caller and think about it for a while. Conduct research and obtain financial or legal counsel from a reputable or independent source.
- Verify that the company is a registered financial advisor on the ASIC website. Any company or individual that sells or advises you on financial products must be licensed by the Australian Financial Services Commission. Check the Australian Securities and Investments Commission’s (ASIC) list of companies you should avoid doing business with.
Warning Signs of an Investment Scam
- Companies approach you out of nowhere. This could be done by a cold call, text, social media message, email, or pamphlet.
- They put pressure on you to make a hasty decision. If you sign up before a deadline, you may be eligible for a limited-time offer, bonus, or discount.
- They call or email you repeatedly, or they keep you on the phone for an extended period of time. This is to keep you interested so that they can pressure you into making a hasty decision.
- It appears to be far too good to be true. If they downplay the hazards while offering a large return, it could be an investment scam, according to the old adage.
- They request that you keep the investment a secret. The con artist may convince you that the investment opportunity is exclusive to you and that you should not tell anyone else about it.
Fraudsters are now luring consumers into investing in cryptocurrency, foreign exchange, and binary options via social media sites like Facebook, Instagram, and Twitter. Scammers frequently use plausible social media identities or websites that include phony reviews. Whatever the case may be, the chargebackway may be the only organization that can assist you in recovering your lost payments. ChargebackWay has only one mission: to assist you in recovering your stolen monies in the most efficient and secure manner possible. They will go to every length to retrieve your stolen assets, no matter how huge or small the sum is. To begin constructing your case and collect the money you were defrauded of, contact their anti-fraud professionals today!
