Identity Theft

Having someone hack into your social media account or make unauthorized charges using your credit card information is upsetting. Identity theft involves these issues and more because it means someone else is doing things in your name and with your data. This means they can apply for credit cards, claim your benefits and tax refunds, and post as you on social media. 

This is a real-life horror scenario that happens to 13 million people in the U.S. each year and is responsible for annual losses of $17 billion. Although not all of these cases involve a cybercriminal taking over all accounts, even one takeover can cause significant damage. People can obtain data through hacking, forex scams, and even retrieving bank statements from the trash. 

People who fall victim to identity theft often feel helpless. It is important to report the crime immediately and get law enforcement involved. To help track down the culprit and for fund recovery services, Trader Defense Advisory is the right service to use.

In this risky environment, you need to stay safe. Trader Defense Advisory experts will help you recover from identity theft. Contact TDA experts who are experienced in dealing with all types of scams and identity theft and can help you reclaim your life. 

What Methods Do Identity Thieves Use?

There are many methods at the disposal of cyber thieves, from the most sophisticated hacking techniques, advanced spying tools to low-tech methods such as cold calling to phish for information directly from victims. The following is a partial list of the most common methods these criminals use for identity theft. 

  • Spyware
  • Malware
  • Retrieving information manually
  • Hacking Personal Devices
  • Hacking Bank and eCommerce Sites
  • Keystroke Logging
  • Phishing
  • Data collected from other scams

Spyware and malware and keystroke surfing tools can be installed on your computer by giving the target a bad link. All the user needs to do is to click on the link and spyware or malware installation is activated. The method could be a forex trading scam link you receive through email or social media messaging advertisement. Clicking on it gives another party access to your computer. 

Through spyware, the cybercriminal can spy on your online activity, from checking your bank account balance to making transactions on Amazon. They can collect credit card information and use keystroke logging to figure out your passwords. 

Once malware or spyware is on your device it can be hard to remove it. Many people don’t even realize they are being spied on through spyware until the perpetrators receive loads of data that can help them log into victims’ accounts. 

Hacking is another high-tech threat. Not only do you have to worry about your devices getting hacked into, but any eCommerce or banking sites that may have your information. In 2014, hackers gained access to the credit card numbers of 110 million consumers by attacking Target and Home Depot sites. 

This incident exposed weaknesses in major eCommerce websites and there has been some improvement, but do not assume your data is safe. Ensure that any eCommerce or banking site that has your data is a secure website that uses encryption. 

Many cybercriminals are multi-faceted. They may run forex trading scams and use the sensitive information acquired from clients to not only rob them of the funds they initially intended to use for trading but to steal their identity. 

Not all identity thieves use high-tech methods all of the time. People are so worried about exposing their data online that they forget what a risk neglected mail or discarded financial statements can pose. 

Some criminals are not above going through the garbage to retrieve these statements and can even gain access to codes and social security numbers this way. Also, be careful when you use ATMs. That person standing behind you could be watching your keystrokes carefully and may memorize your password. 

It is astounding how much data is given to criminals by the victims themselves. They may receive an email, a message, or even a phone call asking them to verify their data. They could also be tempted by a financial opportunity which is a forex trading scam and give over photo ID as well as their social security number when promised that they will make a lot of money. 

How to Stay Safe from Identity Theft

There is no guarantee that you will never be the target of identity theft, but taking these steps will reduce the risk:

  • Never give your personal information by message, email, or phone
  • Do business only with a secured website
  • To avoid forex trading scams, work only with a regulated broker
  • Shred all documents with sensitive data before throwing them away
  • Use the latest version of Anti-virus software
  • Use a website with a 2-step verification
  • Never click on a link provided by an email or message unless you are certain you know who it is from (even then beware–they might have been hacked)

How Do You Know You Have Been A Target of Identity Theft

Sometimes people know right away if they have been the target of identity theft. In other cases, you may lose a lot of money or your credit may be compromised before the theft is discovered. The following are some common signs: 

  • You can’t log in to your accounts (because the hacker may have changed the password)
  • You receive messages to pay for things you didn’t buy or informing you that you owe money for loans you didn’t apply for
  • You try to collect benefits only to discover they have already been claimed
  • You are directed to websites you have not visited before. 

If you are the target of identity theft, report the issue to the authorities right away. Also, work with Trader Defense Advisory. We will provide guidance and resources to help you recover from identity theft. 

Are You the Target of Identity Theft? Talk to TDA Experts Today

If you have been the target of identity theft, talk to Trader Defense Advisory. Our team of experts has vast combined experience dealing with forex trading scams and identity theft. Consult with us and we will create a claim and help you get started on the path to fund recovery.


Can the Way You Pay Be a Key to Fund Recovery?

If someone calls you with an opportunity and promises a huge return, you may be tipped off that this may not be legit given the aggressive manner or the extravagant promises. It may not occur to you, however, that the demand for a fee paid only in bitcoin or in the form of a pre-paid card may also be a red flag. 

Paying attention to payment methods offered by a service or company can be a sign of broker or forex trading scams. Many frauds ask for payment exclusively through methods that can’t be traced so they can hide funds to avoid getting caught. 

It is harder to prove forex trading scams or broker fraud if the funds can be concealed. Additionally, it can be more difficult to put a stop to payment through a wire transfer than those made by a credit card.  Even though bank transactions can be traced, the fraudulent party can claim the transaction was authorized and that they are not operating a scam.

In this risky environment, you need to stay safe. Trader Defense Advisory experts will help you evaluate whether an opportunity is legit or fake. If you have lost money, need fund recovery, or are experiencing broker fund withdrawal problems, contact TDA experts who are experienced in dealing with all types of scams and can help you seek redress for your claims. 

The Growing Problem of Financial Fraud

Financial fraud has always been a problem, but it has grown in scale due to advanced technology, such as social media, and economic crises, such as those brought about by the COVID-19 pandemic. 

When there is a major financial trend, like forex or cryptocurrency, forex trading scams develop as a way of diverting demand from legitimate brokers and attracting novice traders. 

Added to this, if a large percentage of the population is suffering from financial instability due to job insecurity or other economic issues, people may fall for crypto or forex trading scams as a way of making quick money to pay rent or bills. 

There are scores of scam types. These can include cold-calling seniors with fake investment opportunities or providing bad links on social media promising huge returns on forex, CFDs, or bitcoin. Some scams try to rob data from victims and can perpetrate full-scale identity theft.

In 2020, there were 2.2 million fraud reports, according to the FTC. This doesn’t mean that there were only 2.2 million fraud victims, but only reports, since the majority of frauds go unreported. These numbers are staggering and indicate that consumers should educate themselves about all types of scams including forex scams. 

Payment Method: A Red Flag and a Key to Staying Safe

There are a number of ways of spotting red flags that may indicate a potential scam. Some of these can be a lack of a license, poor reviews or negative news stories, extremely high fees, and extravagant guarantees. 

One often overlooked red flag for spotting crypto or forex trading scams is the payment method required of the client. For instance, if a forex broker insists clients pay and receive funds only through bitcoin or a pre-paid card that could be a sign of a forex trading scam. 

Many scams, especially low-tech cold calling scams, will ask for a bank wire transfer rather than a credit card. Their rationale could be that it is harder to reverse a bank wire transfer than a credit card charge. Also, banks can often be reluctant to stop a transaction or reverse it. Credit cards are often amenable to making chargebacks, and it can be easier to get a refund than from a wire transfer. 

How Easy or Difficult is Fund Recovery? 

Fund recovery is often a challenge, but it is more likely than many people think, even if they have lost money in a forex scam or another fraud. The reason why financial fraud is underreported is that people who are the victims of fraud often feel deflated and lose hope. They may also feel embarrassed or have convinced themselves there is no way to get their money back. 

However, at Trader Defense Advisory, we deal with many fund recovery cases each year and have seen frequent successes. Although there is no absolute guarantee that all the client’s funds can be recovered, TDA can greatly increase your chances of a successful claim.

Types of Fund Recovery

There are several types of fund recovery, including: 

  • Chargebacks
  • Wire Recall
  • Crypto Currency recovery

Chargebacks can be complex, but issuing banks and credit card companies are often eager to provide customers with stellar service. Refunds are easier through credit card chargebacks than through many other means. This is the reason many forex scams do not accept credit cards and online payment platforms, given the ease of refunds. 

Wire recall is a bit more challenging than credit card chargebacks. The reason is that banks are often reluctant to interrupt a transfer unless there has been an error. Some banks do practice what is called a “fraud freeze” but the fraud must be proven and must be executed in a short amount of time. 

One reason many forex trading scams accept only cryptocurrency is that crypto transactions are anonymous and cannot be refunded. An additional transaction is required to return funds. Since scammers can be invisible on the blockchain, they prefer crypto as payment. 

Getting money back from crypto scams may seem hopeless, but it is not. Trader Defense Advisory generates crypto reports and has advanced investigative techniques to track down crypto-forex scams. 

Have You Lost Money in Broker or Forex Scams? Talk to TDA Experts Today

If you have been the target of a forex broker scam, talk to Trader Defense Advisory. Our team of experts has vast combined experience dealing with broker scams and advocates for our clients. Consult with us and we will create a claim and help you get started on the path to fund recovery.


A Licensed Broker Can Still Be a Scam Broker–How to Stay Safe

A license is like a Good Housekeeping seal of approval for brokers. Many people look for a broker with a license and then stop asking questions. Although it is a good idea to value a license when choosing a broker, being regulated or at least appearing to be regulated is no guaranteed protection against forex trading scams. 

In fact, an expired or third-rate license is like a fig leaf that can help scam brokers pass themselves off as legitimate. Before signing up with any broker, it is important to look at not only their license but their reputation, services, and reviews from reliable sources. Since many online broker reviews are fake, it is important to seek those that are created by experts, such as Trader Defense Advisory. 

In this risky environment, you need to stay safe. Trader Defense Advisory experts will help you evaluate whether an opportunity is legit or fake. If you have lost money or are experiencing fund withdrawal problems, contact TDA experts who are experienced in dealing with all types of scams and can help you seek redress for your claims. 

Anatomy of a Broker Scam: Former Registered Broker and Attorney Swindles Investors of $25 Million

We can learn how to stay safe and avoid forex scams and other trading frauds by looking at the headlines. This fraud is an example of the kind of broker scams TDA deals with on a daily basis. In April 2021, Daryl Bank, a Virginia attorney, and formerly licensed securities broker was found guilty of defrauding investors, mainly elderly clients of $25 million.

This is a particularly upsetting story since he and his partners sought out retired people and those preparing for retirement. The investors cleared out their 401 (k)s and divested from reliable investment vehicles such as IRAs because they were persuaded by Daryl Bank’s extravagant promises of huge returns. 

Daryl Bank operated his scam out of his Florida office and had investors all over the country. He enlisted the aid of several accomplices who were also charged. Together, they attracted 300 investors and persuaded them to invest in fake companies supposedly run by Daryl Bank. Instead of being used for investment, the funds bankrolled Bank’s luxurious lifestyle between the years of 2012 and 2017. 

What We Can Learn from This Broker Scam

Where did these clients go wrong? How would they have known that Daryl Bank was a fraudulent broker? He had a license and was also an attorney. Were there any signs that could have protected these clients? 

The reality is that any one of these 300 clients could have done some research to discover the truth about Daryl Bank before investing a dime in his false companies. The following are telltale factors of this broker scam that are features TDA sees repeatedly in forex scams and broker frauds. 

  • Daryl Bank’s License Was Out of Date
  • Bank charged unreasonable fees
  • Bank encouraged investment in assets he owned
  • Bank persuaded older people to divest from their reliable retirement funds

Daryl Bank was a licensed securities broker, but this ended in 2010. His license had been taken from him by the SEC. Despite this Bank continued to operate a private equity company called Dominion Private Client Group, which was fraudulent and sold unregistered securities. Clients simply saw the license, the fact that Bank ran a private equity group, and if they did not dig deeper, they may have had the false impression he was reliable. 

Another bad sign that this was a broker scam was that Bank charged fees starting at 20% and going higher. These of course went right into his pocket. Researching moderate fee rates for legitimate brokers would have caused many of these clients to look elsewhere. 

In addition, it should be suspicious when a broker pushes investment in his own companies. Usually, legitimate brokers offer a variety of trading vehicles, like stocks, CFDs, and forex. Someone asking for investment in their own entity makes it easier for them to simply pocket the money, which is what Bank did. 

An established, reliable broker will be able to accommodate IRAs and 401(k)s without expecting clients to divest from these secure funds. Usually, they will hand over the management of these funds to a new broker rather than getting rid of them and starting over with new management.

3 Questions to Ask About a Regulated Broker 

  1. Is the License Current?
  2. Is the License Genuine? 
  3. Where Is the License From? 

Anyone who would have checked Daryl Bank’s license would have seen it was no longer current and in fact, had been taken away from him by the SEC. It is also vital to check which regulator gave the license to the broker. A broker can have a license from a third or fourth-tier regulator and still easily get away with forex trading scams and broker frauds. Insist on working with brokers who have first or second-tier licenses. 

Do Research First, Sign Up Later

The internet has made researching products and services easier. Take advantage of technology and do a simple Google Search on a broker you are considering signing up with. Taking a few minutes to research his or her licensing and reputation can save you thousands of dollars that could be lost to forex scams or fraudulent brokers. 

Sometimes it can be hard to tell whether a broker is legitimate or not. That is where a service like Trader Defense Advisory can be helpful. Our experts have decades of combined experience in the financial industry and are aware of what to look for. We can also help you with fund recovery in the case of broker scams or forex trading scams. 

Have You lost Money in Broker or Forex Scams? Talk to TDA Experts Today

If you have been the target of a forex broker scam, talk to Trader Defense Advisory. Our team of experts has vast combined experience dealing with broker scams and advocates for our clients. Consult with us and we will create a claim and help you get started on the path to fund recovery.


Reliable Broker or Forex Trading Scam? 5 Ways to Tell the Difference

Anyone with even the slightest interest in trading is familiar with the words “forex” and with cryptocurrencies. Although stocks are popular, forex outstrips all other markets for the sheer amount of money that passes through exchanges daily. Unfortunately, this has also given rise to forex scams. 

The scale of the forex trading scam problem matches the size of the market. It is estimated that $5 trillion in foreign exchange is traded each day. The forex trading scams take advantage of the popularity of forex and fools people into thinking they are making actual trades when the broker is simply pocketing the money. 

Those who fall victim to forex scams need to seek funds recovery. Trader Defense Advisory experts are experienced in dealing with all types of scams, particularly forex scams, and can help you seek redress for your claims. We provide consultation, intelligence reports, funds recovery services, and advocacy through every phase of your claim. Contact our professionals today. 

The Scale of the Forex Scam Problem

As the popularity of trading forex online grows, fraudulent parties are casting a wide net to catch people who are looking for real trading opportunities. These people are not necessarily gullible. Many are professionals from all walks of life. The problem is that scammers have become more sophisticated at constructing a veneer of legitimacy. 

The problem has reached global proportions and just as there are drug cartels and international crime rings for other offenses, there are also huge foex scam networks involving agents from various countries targeting thousands of investors and traders. 

In 2021, German police raided call centers in run by 23 suspects in Kosovo, Bulgaria and Berlin. These call centers were centers of operation for fake crypto forex and CFD trading websites. The fake platforms were powered by technology by Israel-based Leverate and Airsoft. 

These suspects were accused of running over a dozen CFD, crypto, and forex trading scam websites that targeted European investors and robbed millions of euros. The sites applied the same methodology. Basically, they would advertise trading for a popular product like crypto, CFDs, and Forex, and crypto and persuade people to trade with them. Many of these sites looked legitimate and were, therefore, able to trick many traders. 

The forex scams provided traders with a fake platform that supposedly allowed them to track their trades, when in reality, no trading was taking place. The fake broker simply pocketed the money and claimed that the traders lost their investment. Since forex is volatile, moves quickly, and is a challenge to track, it was relatively easy to persuade traders that they lost money. 

If they did have any money in their account, the traders experienced forex withdrawal problems. The brokers would not release their funds without huge fees or would invent rules that funds could only be released after a certain amount has been traded. In some forex trading scams, the broker would disappear, which creates a special challenge for fund recovery.

Learning from high-profile forex trading scams can help you avoid falling victim to them. Here are some signs for forex trading scams

  1. Unregulated Broker

The number one factor when choosing a broker is to confirm that it is regulated. Not only should a broker have a license, but it should be licensed by a top-tier regulator that has high standards and a high degree of oversight. 

Trader Defense Advisory works with many clients who have been cheated of their funds in forex scams. Most of these scam brokers are not regulated. In rare cases, a licensed broker can cause clients problems, but these can be resolved if there is a regulator to negotiate with.

  1. Offers Only Its Own Platform

Not every broker that offers only their own platform is a forex trading scam, but if there are other red flags, such as no license, it should cause concern. Having their own platform can give brokers control over trading or the ability to present fake trades.

 These scams mentioned above worked on fraudulent platforms. A broker who offers MetaTrader or other choices shows some degree of openness. It is understandable why a scam forex broker would want to limit clients to only their own platform. 

  1. Aggressive Manner

If a broker is aggressive about pressuring you what to trade, that is never a good sign. A broker is meant to advise you, but to try to convince clients to make trades they do not want to make is a sign that the broker is working in his or her own interest and not the clients. 

One thing to watch is the pump and dump strategy. A broker may have undervalued assets and encourage clients to buy them to bring the value up. When this happens, the fake broker will sell their holdings which will devalue their clients’ trades. 

  1. Lack of Transparency about Fees and Procedures

A legitimate broker has all fees and procedures clearly written on the site or in their terms and conditions list. If the broker does not answer questions about these basic and important matters, that may be a sign of forex scams. 

  1. Will Not Release Funds

Forex withdrawal problems are the main indication of a forex scam. However, people do not discover this problem until it is too late and the broker has their funds in their control. People may be told they made money and when they ask to withdraw funds, the broker will either charge a high fee, cite a fake rule that withdrawal is only allowed under certain conditions or disappear. 

If you are dealing with any of the issues above, your money may be in the control of a forex trading scam. It is important to demand the broker release your funds. If there are forex withdrawal problems, seek the aid and guidance of fund recovery experts at Trader Defense Advisory

Have You Lost Money Because of a Forex Scam? Talk to TDA Experts Today

If you have been the target of a forex scam contact Trader Defense Advisory. Our team of experts has vast combined experience dealing with corona refund scams and advocates for our clients. Consult with us and we will create a claim and help you get started on the path to retrieving your funds.