Uncover the Industrialization of Financial Fraud

Scams nowadays are more deceptive than we realized, which have been operated in industrialization, making it difficult to recover losses. In this paper, we will uncover how fraud activities are committed.

1.Information theft

The Age of the Internet makes it possible to steal and sell citizens' private information, such as names, ID numbers, phone numbers, and even the names and contacts of their relatives and friends. Once obtaining such information, cheaters will start their fraud activities.

2. Personnel recruitment

Members involved in the scams are usually young people who eager to earn money. Since they are tricked into participating in fraudulent activities in Southeast Asia, attempts of escape bring them nothing but beatings.

3. Inducing skills

Fraudsters usually disguise themselves as couriers, police officers, or the rich and good-looking people to gain the trust of investors, who will later be introduced to illegal platforms. The customer service there will require them to pay various commissions.

4. Divide the spoils

Once they swindle victims successfully, the deceived money will be quickly transferred via several bank accounts. Underground banks will receive this capital, break its trace chain, and transfer it back to the fraudsters through other accounts.

WikiFX hereby reminds investors to stay alert when trading. Once scammed, you can hardly recover your losses!

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Below is a list of forex brokers complained most recently(you can find their regulation and exposure details at the bottom of this article):

• BERVEY

• Capstone

• Tate Prime

• XSpot

• DS investment Limited

• UGM Securities

• ATC

• MCFX

• Doo Prime

• Horseforex