More than 50% of Forex Fraud happens due to social media

Forex fraud is a prevalent issue in the financial world, with over 50% of cases attributed to social media platforms like Facebook, Instagram, and Telegram. Scammers take advantage of the anonymity and wide reach of social media to lure unsuspecting victims into fraudulent schemes promising quick and unrealistic returns on investments.

According to The Federal Trade Commission, scams on social media are a problem for people of all ages, but the numbers are most striking for younger people.

In the first six months of 2023, in reports of money lost to fraud by people 20-29, social media was the contact method more than 38% of the time. For people 18-19, that figure was 47%. The numbers decrease with age, consistent with generational differences in social media use.

Tips to Avoid Forex Fraud

Being your well-wisher, WiKiFX is sharing tips with you. To protect yourself from being a victim of forex fraud.

1. Protecting yourself from falling victim to forex fraud on social media requires a combination of vigilance, knowledge, and caution.

Stay updated on the latest scams and fraud techniques by following reputable financial news sources and regulatory bodies. This will help you recognize red flags and avoid potential traps.

2. When engaging with forex-related content on social media platforms, always verify the credibility of the source. Look for verified accounts, official websites, and reputable brokers or financial institutions.

3. Be wary of accounts that promise unrealistic returns or use aggressive marketing tactics. Remember, if something sounds too good to be true, it probably is a scam.

4. Always to be cautious when sharing personal information online. Scammers often use phishing techniques to gather sensitive data, such as login credentials or financial details.

5. Avoid clicking on suspicious links or providing personal information to unknown individuals or platforms.

6. It is advisable to conduct thorough research before investing in any forex-related opportunity promoted on social media. Check the background and reputation of the company or individual offering the investment. Look for reviews, testimonials, and any negative feedback that may indicate fraudulent activities.

To expand your knowledge and stay informed about the forex market. Download WiKiFX app on your phones.