No fooling around; it is true that WhatsApp is an easy app to handle. So, youngsters, adults, and seniors can use it. The app has secured a database of 2 billion people in over 180 countries. It functions on reliability, security, and worldwide calling. It has made our world easy and digitally short distance.
Some cases are unethical. WhatsApp is working on its every loophole, but the forex trading scam is taking place on WhatsApp now. Forex stands for foreign exchange; when people deal in the forex market, they trade in high profit and loss. Forex scams, on the other hand, are a filthy theft trade. Let’s see how this works. And what happened with the victims?
Table of Contents
Why WhatsApp?
Forex trading scams are easy to perform on WhatsApp because people here are comfortable and interaction is also high. On Whatsapp, you can feel like doing a personal and private chat with the same mindset person. This is when fraudulent activities occur. It is hard to determine that people get duped on a site like this. Here, people are contacted in a group chat where endless conversation occurs. Some groups have been created with outsiders. Even while talking to unknown people on WhatsApp, we start vibing with them.
Alert: It could be the scammers chatting with you, building trust in the conversation, and maintaining a relationship in the hope of tricking you someday.
Never forget that they have a secured database too, where they have your history on the past events and can start blackmailing you as well.
There is a case where an older person, around 70, has been scammed by her daughter-in-law. It is no ordinary amount; but enormous. The scammer impersonates her granddaughter and steals the money with the excuse of a medical emergency. Fraudsters are selfish, and it will never happen if you think they will show some mercy and give your money back.
What Happened on WhatsApp?
Basically, they either create a group or chat personally by providing forex signals. People who are joined in the group or eager to be a part of forex trading fall victim. Scammers targets novice because they have no idea that there is certain red flag situation,s or they might know but cannot believe that something terrible can happen to them.
Novice is a potential victim for them. A newcomer is someone excited, nervous, and needs back support. These scammers act as one, but they have wrong intentions. Potential victims are the ones who are newbies and experienced. The fraudsters then help them by giving them fancy life proof, such as their high standard of living, their earnings, and how they do it.
Shockingly, these people do not wear any masks and represent themselves in front of the masses. Most of the time, they can enter and control their mind, which is horrific. They whitewash their mindset with some storytelling, such as how they raised themselves with zero money and, at present, how fast their life is changing.
They cooked up the story and connects the dots, saying that this is what they call their treasure hub. Fraudsters encourage the potential victim by saying that ‘ you have chosen the right path, and it will be growth-oriented. You just do what we say, and we will earn together.
They have plotted everything correctly and positioned the idea of earning money and having a luxurious life, world tour, etc., in their mind. Now they will ask them to send them some money so that they will bid it on their behalf. At this moment, it is risky from both the ends as it is easy to understand that they are no real figures. They are just trying to dupe the potential victims. Else, they will believe their sugarcoating story.
In the end, they either block them or become a ghost when they earn a lot from their hard-earned money. Such forex scams are still taking place worldwide. It depends on the presence of the mind and the situation a person is going through. Technically, it is lame to blame a victim. Although WhatsApp has always been letting consumers know that they have end-to-end encryption that secures their personal data. But hackers do not need all this; they just need a loophole to enter.
Critical Warnings on WhatsApp forex trading scams
Forex scams are troublesome. To everyone reading this blog, we want to inform you that there is no shortcut to forex trading. It needs proper research, analysis, and experience. Besides, there is no formula for earning profit. Also, no experience person out of the blue comes up to help you out.
These scammers will try to trap you while asking you for deposits; sometimes, they sugarcoat or show anger. But remember, a true consultant would always be available and ready to solve your problems, while a scammer is the one who will be contacted when it is his need of the time.
If you find anything fishy and your gut feeling says NO, WhatsApp has given a feature of report & block. You can register a complaint against the scammer with the report and block feature. Such activities are normal, and it is high time that people should know the thin line between fake gurus and the actual ones.
Conclusion:
We are living in a world where there are both pros and cons. You may find more cons than pros. However, we just wanted you to play safe. Somehow, while reading this, if you have noticed something similar has happened to you, someone has tried to dupe you, or you have been a victim for so long. It is the right time for you to register on Financial Fund Recover. They will provide you with all sorts of help and act as a protective shield.