Binary Options Scams Recovery
Utech Global offers Consulting, Cyber Assessment and Recovery Plans. If you’ve lost money to a Binary Options scam, UTech Global can help!
Scam Recovery Services
While the majority of traders and platforms operating in the field of Binary Options are legitimate, there are also many scammers on the scene offering tempting investment opportunities, and it can be easy to get caught out. There has been a huge increase in this type of scam in recent years, with thousands of people being conned out of their money by unscrupulous traders and rogue investment platforms.
History of Binary Options Scams
Binary Options scams first became prevalent in 2005, before regulations were in place to oversee this type of trading. Typically, rather than opening a potentially traceable bank account, the perpetrators used ‘money mules’: these were individuals who were prepared to allow their own bank accounts to be used to hold the scammed investments, and there would often be a chain of money mules, each one passing the funds on to the next, to better hide the trail.
Despite more stringent regulations now being in place, there are still many scammers active in the field of binary options scams, using increasingly sophisticated means to con people into investing.
How Binary Options Scams Work
There are many different types of binary options scams out there; the most common involves a fraudster posing online – maybe via an advertisement or on a social media platform – as a legitimate binary options trader. Sometimes, the scammers may even cold call or send an unsolicited email to a potential victim, with details of what sounds like an amazing investment opportunity.
The scammer will attempt to persuade an individual to invest in what they guarantee is a high-return, secure proposition, and direct their mark towards an online website which offers a trading platform. For a relatively small initial investment, they often say, you’ll see a quick large payout.
This website is likely to look credible; however, the trading platform will be operating with the odds stacked against the unwitting investor, who will see their investment quickly dwindle away to nothing. Additionally, should the scammed investor try to withdraw their funds they will likely find that, inexplicably, this isn’t possible; victims often discover at this point that their account is frozen.
It can be easy to be taken in by this scam: the scammers’ websites typically will feature fake testimonials from ‘clients’ who claim to have made a fortune using the platform, and there may even be a lengthy video on the home page explaining how the system works, and insisting that investors can make thousands of dollars a day.
Rogue traders operating in this field may also use the personal and banking details supplied by duped investors as part of money laundering activities, or to commit identity theft.
How to Stay Safe from a Binary Options Scam
It’s wise to steer clear of any website or platform you are directed to as a result of a cold call, unsolicited email, or similar. Instead, if you’re interested in trading in binary options, take some time to research the websites and platforms available, and read plenty of online reviews. It’s also vital to ensure that the broker you’re considering has all the necessary licenses in place, and is operating under a stringent financial regulator. Finally, you should be able to open a demo account or be able to access detailed information on the trading conditions in full, before investing any money. And if your broker persistently gets in contact with you persuading you to invest more regularly, or higher amounts, this is a major red flag, too.
Here at U Tech Global, we have extensive experience in dealing with Binary Options fraud and can help if you have lost funds to a scam.
Contact our friendly team today to arrange a free no-obligation consultation so that we can assess your case.
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