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CFD scams are contracts for various types of frauds that have been on the rise. The frauds appear to be expanding in frequency as the number of victims grows, thanks to a persuasive staff that cold phones and pressures targets. CFDs are a legitimate investment and trading product. It isn’t a questionable asset and follows conventional procedures. Participants in the market trade it on margin, and their profits and losses are determined by the difference between the trader’s opening and closing prices. CFDs allow traders to trade high-risk investments such as stocks, forex, indices, commodities, and more using liquid assets such as stocks, forex, indices, and commodities.
After decades of trading in CFDs, traders now see it as a viable asset. CFDs were once unavailable to investors with less than £100,000 in net worth who lacked experience dealing with high-risk trades. The idea is that as the market opens up to traders, scammers and other dishonest schemers have more opportunities to get their way. CFDs are not a scam, despite the fact that they are high-risk assets. However, CFD scams continue to exist, with some con artists preying on traders and their funds.
If you are someone who’s interested in Trading CFDs, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!
CFD scams employ a variety of techniques. The most common tactic includes fraudsters cold-calling potential victims. They use high-pressure sales tactics to convert prospects into customers (more like victims). Customers are urged to invest more money in order to trade higher. These scams have broadened their scope and now operate in a variety of industries, including forex markets, cryptocurrency schemes, and more. First, clients are persuaded to feel that trading with the broker can be profitable with high returns. The traders are then advised to increase their investment once they have started depositing money in order to optimize their gains.
While some potential CFD brokers are merely looking to make money by charging exorbitant charges on each trade. The majority of scammers continue to try to persuade clients to trade more and then disappear without paying any money. The brokers’ expertise, innovative trading features, and services are nothing more than a ruse. In many cases, victims are shown bogus progress in their accounts. The entire scheme is orchestrated by the fraudulent CFD brokers, who feed the trader a fantasy. To understand the scam adequately, let’s look at all the methodologies that the scammers use to steal money from the victims.
Many of these internet con artists sell trading software and bots that guarantee accuracy and profits. Experts have concluded that the bot they created is the greatest at making decisions. It sends forth signals and guides traders down the right path to success. They also say that the software developer has developed an algorithm that facilitates trading by predicting outcomes. Predictions are guaranteed to be 98 percent accurate. Such options are entertaining to new and inexperienced traders. They choose it without researching the software, provider, or market fundamentals.
However, things turn sour when the merchants discover that what they were up to was nothing more than a con. It is already too late when they realize that the market is unpredictable and does not follow a predictable pattern that can be learned by a bot. The company not only takes your money but also charges you for using the bot service.
Scammers can create complex scams that can trap even the most cautious of people. But it’s not too late because we can help you track the damage done by scammers. We can help you get your money back!
Introducing large leverages on trades is the most enticing technique to entice a trading audience to join up for a scam. Unfortunately, most con artists use this strategy on a regular basis. If a trader sees leverages as high as 1:1000, they are more inclined to give in. The incentives look to be so enticing that one would not think to investigate whether or not the broker is registered. The trader’s emotions have taken over their ability to think clearly. As a result, the next time you see ridiculously high leverages, think twice before jumping into a trade without doing your homework.
In general, every trader begins their trading career by opening a fresh account. Many brokers provide sign-up bonuses and other incentives to entice new customers. There’s nothing wrong with it; yet, it’s critical to understand why a broker would provide such large bonuses. To qualify for the sign-up bonus, a trader must first open an account and deposit funds. Unfortunately, the scammers we’re referring to trick traders into signing up and investing while never paying out the bonuses. This post will go over a case study of one of our clients, Frank Mooro, a 28-year-old American who was scammed out of his money by phony organizations operating mostly out of Bulgaria and Ukraine, headed by their fake websites. Don’t worry; we were able to get her money back; this is another one of our success stories.
If you’ve been a victim of a CFD scam, then consult with us to help you get your account data and stolen money!
Before we go into the gory specifics of this case, let’s take a look at Frank Mooro as a person. Frank Mooro, 26, worked as a mechanic in Poland, where he earned around 44,400 dollars per year. He was constantly overworked and undervalued. His goal was to make enough money by 45 that he could retire and live out the rest of his life by relaxing but for that, he needed to earn some hard cash and that too as fast as possible. His friends suggested to him that he should get into investing as he could possibly earn 100 dollars in 1 hour just by sitting idly. He started researching investing and one day he came across a forex investing site. On this website, he contacted the broker who gave him all the information he required while assuring him that the training portal was as safe as it could get. The broker led Frank to believe that trading can be favorable with the broker with hefty returns. So Frank made the decision to start investing.
Frank’s career as an investor began soon after. His broker encouraged him to invest by recommending that he start with a little amount: the initial payment ranged from 250 to 300 euros. Financial instruments, such as binary options, cryptocurrencies, CFDs, and foreign currencies, were touted as investment opportunities. The brokers, who were actually employed in contact centers primarily in Eastern Europe, came into play once the initial payment was made. They communicated with Frank in Spanish, which was his first language, making them appear more trustworthy to him. They began talking about his investment. Then it was an issue of producing big initial revenues, which were made through deceiving online simulations that were clearly constructed ad hoc, as if according to the script. Frank was enticed to make additional investments over the phone by apparently specially qualified brokers, believing that they were getting a positive return.
Over a period of 3 months, Frank made an investment with a sum total of $12000 which constituted mainly of his life savings. He was hopeful to see a huge return one day, as he had been promised. But, as more time passed, he noticed that the information his broker was providing him did not align with how the market was going. He became worried and cautious about investing further money. He once asked them to take his investment and return him his principal amount along with his earnings. They fed him an outrageous lie that made him sure that he had been a part of a CFD scam. He contacted his financial institutions and local law enforcement, but since the investing firm was from eastern Europe, it was outside of their jurisdiction and thus they were unable to help. And then one day as he was talking to a coworker about this mishap, he suggested he use Chargebackings services.
Frank didn’t have an option but to investigate Chargebacks, and everything he found screamed legitimacy and dependability. He made the decision to contact them and explain his situation because he didn’t want to be taken advantage of again. They were very professional and solution-oriented with their customer care, and they took the time to walk him through the entire process. After speaking with former clients and reading various success stories, Frank decided to give them a shot. It turned out to be the best decision he’d ever made. They understood that CFD scam fraud is a time-sensitive issue and that the sooner they started looking into it, the sooner his money would be returned. According to statistics, the scammer is caught 87 percent of the time if the fraud is reported within two days of the incident. Frank, on the other hand, was not so fortunate, but Chargebacking assured him that his money will be reimbursed.
Following the case review, a member of their team contacted her to discuss her situation in greater detail and provide advice tailored to his specific circumstances. Evidence was crucial in swaying the case in his favor, just as it was in any other criminal case, so they immediately began gathering evidence and examining brokers. Members of Frank’s squad followed his lead back to the Judge to grab any and all pertinent proof documents. The inquiry includes calls, messages, emails, screenshots, billings, bills, and the whole digital footprint. Frank is presently collaborating with digital experts to ensure that all relevant evidence is recovered in order to establish the strongest possible case. They kept him updated throughout the process, giving him confidence that Chargebacking was working diligently on his case. The members of the team got to work on his case’s paperwork. The data was formatted in an efficient, effective, and viable manner to ensure that it would not be rejected by the financial institutions involved.
This is the last phase in the rehabilitation process. At this point, their recovery specialists devised a one-of-a-kind strategy for completing the recovery; they considered personally addressing the native police, delivering them the proof, or soliciting the assistance of a third party. They chose the first option and contacted the owners of bogus websites. They pretended to be surprised that anyone would question this at first, but after being approached by a group of specialists who threatened legal action, they gave in and handed over half of the money. This didn’t stop Chargebacking’s experts from devising a backup plan that included contacting financial institutions. They’ve teamed up with payment processors like Transferwise, Paypal, and others to assist us in recovering your funds. Finally, they contacted banking institutions, which agreed to help due to the indisputable evidence Chargebacking provided, and they issued an official notice to the bogus organization.
Investigators discovered that this criminal organization began the scam by requesting a relatively small payment: the initial payment ranged from 250 to 300 euros. Financial instruments, such as binary options, cryptocurrencies, CFDs, and foreign currencies, were touted as investment opportunities. The (fake) brokers, who were actually employed in contact centers primarily in Eastern Europe, came into play once the initial payment was made. In order to earn victims’ trust, they communicated with them in their own language. Then, according to the script, it was a matter of producing significant initial gains, which were achieved via deceptive online simulations that were clearly built on the fly. Clients were induced to make larger investments over the phone by apparently specially educated brokers, believing that they were getting a positive return.
The unfortunate reality is that no investments were made, and the funds were merely distributed among the con artists. “The deposited funds are never used for capital investments,” the Bamberg Public Prosecutor General said. “The trading platform accessible to the customer, like the supposed customer account, is pure deception.” Investigators believe that there may be a large number of incidents that go unreported since some of the people involved may be unaware that they have been defrauded. Many investors would believe that they lost their money in a “honest” fashion, as a direct result of a risky transaction, because this is (claimed) financial product trading.
After months of turmoil, Frank’s finances stabilized, and he was able to pay his payments on time thanks to Charge Backing. He recognizes that if it weren’t for them, he would have been unable to repay the debt and would have gone bankrupt.
He continues to encourage others to speak out about CFD scams, and he hopes that if they are a victim, they will not be embarrassed to call reliable fund recovery services such as Chargebacking to recover their funds quickly and effectively.
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