Wall of Shame – what is it and what to do with it?
WYT wants to present you how rich is this world of scammers.
The world’s ever-increasing connectivity brings with it many financial conveniences.
But with this convenience comes to risk. Hence, the unwary internet user can become a prime target for scammers, looking to get their hands on quick funds while never having to leave wherever they conduct their dubious work.
We’ve all seen the spam emails claiming to be from deposed foreign royalty looking to disperse their wealth in a hurry. We’ve all wondered wryly who in their right mind could fall for such an obvious scam.
But the dangerous scams are the ones you don’t see coming, and anyone can fall victim to fraud without realizing until it’s too late.
WYT included a large representative sample of platforms that is about fraud.
This is especially the case for investment fraud. Recent pension freedoms and low-interest rates offering poor returns on savings are providing further opportunities for fraudsters.
One of the most common methods used by investment fraudsters is to pressure potential investors to make a quick decision on a time-limited investment offer.
But scammers are constantly evolving, so how do you stay one step ahead?
As one type of investment scam becomes widely known it fades from vogue for fraudsters. But there are always new, complex-sounding investment products with which to dazzle and entice.
These now include cryptocurrencies, binary options, and contracts for difference (CFDs).
Over the last year or so you would be hard-pressed to avoid hearing about the unprecedented heights reached by Bitcoin price – and the dozens of other cryptocurrencies that cropped up as a result.
However, not only is cryptocurrency a risky market, but direct investment in such currencies is unregulated in some countries, meaning you won’t have the protections.
Scammers toil endlessly to refine their tactics, but there are some red flags that should alert you to the possibility that what you’re hearing is a potential scam.
Some of the methods scammers use include:
Promising high returns for little risk
Fake reviews and testimonials on their site to lend an air of authenticity;
Pressure tactics, like telling a potential victim they must make a decision right away or lose the opportunity;
Flattery, such as telling a potential victim they are a savvy investor
Posing as a legitimate firm, perhaps saying its information on the FCA’s
The register is incomplete and giving you different contact details;
Fake non-disclosure clauses to scare victims out of telling others about their investments – for example asking someone they trust if it looks dubious
Implying a lot of other people want in on the opportunity or have invested
When we are speaking about scam platforms, the full story sounds the same but bit different.
Those who improve their performance will always find the place on our Wall of Fame.
Let’s go one by one.[wpb_childpages]