Deep Cyber Intelligence Report

Online scams are everywhere. Forex trading scams, crypto scams, and broker fraud as well as hacking and phishing activities make the web a potentially hazardous place. For those who have lost money to these scams, a cyber intelligence report is an important weapon to fight back.

A cyber intelligence report is created after in-depth consultation and expert investigation into the specific situation and the behavior of the suspected scam artists in general. It involves meeting with cyber intelligence professionals with the goal of improving the chances of fund recovery. A cyber intelligence report provides authorities with a road map to catching up with fraudsters and retrieving funds for clients. 

Trader Defense Advisory experts have extensive expertise in cyber intelligence and fund recovery. If you have lost money to a forex trading scam, a crypto scam, or other types of fraud, contact TDA experts who will work with you every step on the path to fund recovery.

What are Cyber Intelligence Reports?

Cyber intelligence reports are the findings after a thorough investigation into a cyber crime, in this case an online scam, presented in an organized format. It is a summary of not only a specific client’s experience with the scam but an extensive examination that can reveal past activities and the identities of the people behind the frauds. 

A cyber intelligence report is a valuable tool that aids fund recovery services, law enforcement, regulators, and government authorities to combat cybercrime and track down frauds. Research is one of the most challenging and labor-intensive aspects of this process. A cyber report completes a large chunk of this work so the authorities can have more time and more leading information to catch up with online scams.

When Do You Need a Cyber Intelligence Report?

Those who have been the target of cybercrime, such as forex trading scams, bitcoin scams, and other frauds should consider having a cyber intelligence report created. 

It is important for those who have been affected by any kind of cybercrime to report the incident. Any information provided by victims can be helpful in tracking down cybercriminals, since many fraudsters engage in multiple scams. 

Along with a crypto or forex complaint, it is useful to work with professionals to draft a cyber intelligence report. This means providing detailed information about your experience with the fraudulent party which can give the cyber intelligence expert enough information to dig deeper in a thorough investigation.

How Are Cyber Reports Created?

There is a multi-step process to creating a cyber intelligence report

  • Initial consultation
  • Data collection
  • Investigation
  • Drafting the cyber intelligence report
  • Following up on the cyber report and fund recovery

Cyber intelligence reports begin in a similar way to filing a cybercrime complaint, but it is more in-depth. In the beginning, the client meets with a cyber intelligence expert and describes, in general terms, what happened with the fraudulent company or broker. The expert will then tell the client what precisely is needed to draft a successful cyber intelligence report. 

The client will collect as much data as they can related to their relationship with the suspected scam. This includes emails, texts, contracts, screenshots and other information. It is important to collect as much data as possible and allow the cyber intelligence expert to decide what is relevant or not. 

Interestingly, in many cases tracking down a cybercriminal can be based on discovering unique turns of phrase, recycled fact points, and statistics, and other details many people would otherwise overlook. That is the reason why even an ordinary email or text may help cyber intelligence experts unmask the creators of crypto scams or forex scams. 

Cybercriminals often have more than one scam they are operating at any given time. Details, such as favorite phrases and links, can help investigators connect the dots and help them bring down several frauds at once. This is why sharing information is important and working with experts who have working relationships with authorities is useful. 

After the first part of the data collection has been completed, the cyber intelligence expert will investigate and work to track down the cybercriminals. The expert may consult with the client again for further information as needed. Cyber intelligence professionals use a combination of advanced skills, technology, and their working relationships with authorities to track down cybercriminals. 

After the investigation, the expert creates the cyber intelligence report which can be presented to law enforcement, regulators and authorities. They can then use this report to unmask the identities of those behind the online scam. Armed with this report, the authorities or a company can begin the fund recovery process.

What Are the Advantages of Cyber Intelligence Report?

A cyber intelligence report gives investigators a head start in tracking down cybercrime. There is such a high number of online scams, including forex scams and crypto scams, that it can be an overwhelming task to investigate all of them from scratch. However, a cyber intelligence report takes care of a large amount of this work and can give some claimants a significant advantage. 

With the right cyber intelligence report, you can make your case stand out. If you are supposed to complete a task, having the first, time-consuming phase taken care of ahead of time will make it easier. Armed with a detailed, professionally generated cyber intelligence report will make the prospect of pursuing your case more attractive and can improve your chances of fund recovery success. 

The first step towards creating the best cyber intelligence reports is to seek out experts in the field who have a proven track record. Trader Defense Advisory experts have combined decades of experience examining cyber crime and scams and can improve your chances of fund recovery success.

Have You Lost Money on an online Scam? Talk to TDA Experts Today

If you have been the target of a scam and need an intelligence report, contact Trader Defense Advisory. Our team of experts has vast combined experience dealing with forex trading scams, crypto scams, and other frauds. Consult with us and we will create a claim and help you get started on the path to retrieving your funds.


Money Maker or Forex Scam? How to Make Safe Returns with Forex Trading

When people hear the word “forex” there may be a variety of associations and reactions to the term. Some may think of an active, exciting market filled with opportunities. Others may think of forex scams. 

Although it is true there are many forex trading scams, there are ways to stay safe trading foreign currencies. The key is to get beyond the hype and the idea of forex as a miracle cure for your financial woes. As with investing in stocks or commodities, find a reliable broker and manage your expectations. 

It can take time to succeed at forex trading, just as it takes practice and patience to learn to play the piano. Stay away from false promises and quick fixes, and you can be safe from forex trading scams. 

In this risky environment, you need to stay safe. Trader Defense Advisory experts will help you evaluate whether an opportunity is legit or if it is a forex scam. 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. 

What Are Forex Scams and How to Avoid Them

To say safe from forex scams, it is important to understand common features of forex trading scams so you can avoid them. Trader Defense Advisory combats scams and talks to clients every day about their experience. We see common features in many forex trading scams, such as: 

  • Unregulated brokers
  • Extravagant claims and promises
  • Lack of transparency about fees and rules
  • Aggressive manner alternating with evasiveness about questions
  • Forex withdrawal problems

One of the best ways you can protect yourself is to use only regulated brokers, preferably those with top-tier licenses. Usually, the forex scams TDA comes across are from unlicensed brokers. Those who want to get away with robbing customers do not want oversight, which is the main reason why so many forex scams involve unregulated brokers. 

Forex trading scams have to make extravagant claims to stand out from the crowd. Some of these scam brokers can be very successful at convincing people they can provide returns that are far and above those offered by licensed brokers. 

Do not believe the hype and familiarize yourself with what to expect from legitimate forex trading. Make sure that all fees and rules are outlined on the website or in terms and conditions. A broker who comes up with rules that seem unreasonable are often running forex scams. 

Also, beware of brokers who are overly aggressive in getting clients to make trades. Brokers should provide advice but not give pressure. Test out customer service to ensure your questions are answered clearly. 

Check the forex broker’s withdrawal policy and ensure they adhere to it. Any reliable broker should allow you to withdraw your money with no fee or a small fee and a small minimum. If the broker insists on huge fees or large minimums or if you have other forex withdrawal problems, contact Trader Defense Advisory. 

Ways to Make Safe Returns Trading Forex

Despite the amount of forex scams looking for novice traders to take advantage of, there are many ways you can trade forex not only safely but profitably. Follow these tips. 

  1. Work with a Regulated Broker with a strong reputation
  2. Do Research on Forex
  3. Use a Practice Account
  4. Keep a Forex Trading Log
  5. Protect Against Losses
  6. Start with Small Amounts
  7. Be Careful With Leverage

Research forex brokers carefully before signing up or given them any money. They should have a high-caliber, up-to-date license and a strong reputation to back it up. Be skeptical of review sites, since there is no way of determining whether or not the reviews are authentic. Look for solid information about licenses and news stories instead. 

Learn about forex trading and how it works. Foreign currency may seem simple, but it is more complicated than simply trading money in European hotel. Understand the volatility of the market and how to make smart trades. It may be worthwhile to take a course or webinar in forex trading. 

Use a practice account so you can get a firm footing with forex trading. You may notice that forex trading scams do not offer practice accounts. That is because they do not want their clients to know what forex trading is really like and how to spot real dynamics in trading. 

Keep a forex trading log and make note of what strategies are working for you and which are not. Although the conditions affecting every trade is different, practicing can give you a general idea of what real forex trading is like. 

When you open a real account, start with small amounts. You may find that certain tricks worked on your practice account, but in real life, one major event can clear out gains. Protect yourself against losses by using stop loss features that will limit your downside. A stop-loss sets a maximum daily loss and will stop trading when this limit is reached. 

Leverage can be your forex trading friend or enemy. It can create huge gains from a small initial investment, but it can also create significant losses. Leverage will expand your position and increase gains, but given the volatility of the forex market, it is best to choose moderate leverage. 

Forex trading can be safe and profitable if it is approached with moderate expectations and a willingness to do research and learn through practice. The key to avoiding forex trading scams is to have the right attitude about forex trading and to avoid get rich quick promises and unregulated brokers who make forex sound like easy money. Forex trading is a skill, and you can master with with the right resources and determination. 

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 toTrader 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.


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. 


A 75% Rise in Crypto Scams Forecast for 2021: How to Stay Safe

Bitcoin and other cryptocurrencies are becoming more popular, but crypto scams are also growing at a fast pace. The high-profile $1.5 billion bitcoin purchase by Tesla CEO Elon Musk not only made headlines, but it moved the bitcoin market and increased the buzz about digital currencies. However, the number of cryptocurrency scams has also increased 40% since 2019, and according to the findings of a Bolster report, is excepted to rise 75% in 2021. 

Consumers are faced with the dilemma of how to benefit from the rising popularity of cryptocurrency and get ahead of a trend while staying safe from ruinous and crypto scams. 

The Trader Defense Advisory team is comprised of professionals who have vast experience helping consumers avoid and recover from a variety of scams, including crypto scams. We consult with clients and can offer a variety of avenues for fund recovery, including intelligence reports, advocacy, chargebacks, and wire recall. We deal with crypto scams as well as reporting fraudulent brokers and can help your case succeed. 

How Quickly Are Crypto Scams Increasing? 

Crypto scams began as soon as bitcoin premiered in 2009. Although many regulators around the world took steps to raise awareness about cryptocurrency fraud and to activate law enforcement, those who perpetrate crypto scams, like hackers, continuously upgrade their tools and techniques. 

As bitcoin is increasingly offered as a payment option on many websites and new types of cryptocurrency are developed, fraudulent crypto offerings, investments, and products are also appearing. There were over 400,000 crypto scams created in 2020 alone and the number is expected to rise. 

According to a Bolster Report, which surveyed 300 million websites to see which were either affected or used in crypto scams, the number of fraudulent cryptocurrency schemes is expected to increase by 75% in 2021. Another sobering fact is that Investopedia has found that 80% of ICO or Initial Coin Offerings are scams. 

Why Are There So Many Crypto Scams? 

There are several reasons for a large number of crypto scams. First, anything new and hot will attract unscrupulous parties who want to benefit from the trend. As soon as a type of shoe becomes all the rage, it isn’t uncommon to see people selling knock-off brands on the street, like the people who sell fake Gucci handbags or knock-off switch watches. S

Since marketing began, for every good idea or invention, there have been people ready to provide a fake version. It stands to reason that as digital currencies become more popular, there are bound to be more bitcoin scams and other types of cryptocurrency fraud. 

The second factor is the anonymity provided by digital currency. Although transactions are tracked on the blockchain, the people making the purchases are often not traced or identified clearly. This can provide an opportunity for cybercriminals to abscond with ill-gotten gains and launder money. 

Third, many new products, including digital currency, involve elevated expectations combined with a lack of specific knowledge. People are excited about the new financial horizons provided by cryptocurrency. They may be fooled by overly rosy language and extravagant promises from crypto scammers. 

Since it can be a challenge to understand how bitcoin and other cryptocurrencies work at first, scammers use this lack of knowledge and clients’ hope as a way to fool them out of their funds. 

The fourth factor is desperation. The Covid-19 crisis left many people out of work or under-earning. People are desperate for a way to make more money and maybe more easily duped by crypto scams than they would under ordinary circumstances. 

In addition, the pandemic has given people more time to sit in front of the computer look at get rich quick schemes online. This has created a larger market for scams. 

How Can I Stay Safe from Crypto Scams?

Learning to be skeptical and recognize prospective crypto scams is a huge step towards staying safe. The old adage, “if it is too good to be true, it probably is,” is good to keep in mind before signing up for any kind of bitcoin trading scheme or crypto product. It is always important to remember the following: 

  • Always ask questions and never trust any service completely
  • Find out the background of the broker or the company offering bitcoin products
  • Do not give your bitcoin information anyway to anyone
  • If you are investing in an ICO, only use trusted platforms
  • Validate the reliability of all websites and companies before purchasing crypto wallets or apps.

Of course, cryptocurrency is new and you can’t expect a broker or a company to have decades of experience in an industry that didn’t exist before 2009, but every crypto product, brokerage, or company has what they call in the financial industry, “bloodlines.” These refer to the experience of the people behind the operation. Every investor should research carefully who is in charge, what their experience is, what activities they have been involved in in the past. 

Do not be quick to give away your data, click on links or offer private crypto information. Many crypto scams are a front for identity theft. Losing the bitcoin in your digital wallet is bad enough, but when they gain access to your data, your financial health could be threatened. 

Follow your gut feeling if you do not feel a crypto service is reliable, and when in doubt, stay away. Ask questions and if something happens, make a complaint and seek the guidance of Trader Defense Advisory.

About Trader Defense Advisory

Trader Defense Advisory professionals are well-versed in the process of reporting fraudulent brokers, crypto scams and identity theft. They help clients individually through the procedure of filing a claim and reporting their case to the authorities. TDA experts have combined decades of experience with banks and financial regulators that can track down the fraudulent parties and help clients recover from identity theft and other types of fraud. We have a proven track record of success in assisting clients with winning claims and helping clients reclaim their identity.


Why Forex Scams Are Still a Major Threat Despite Regulations

Forex is the largest financial market in the world, trading over $6.6 trillion per day. The overwhelming size of the foreign exchange market has resulted in more forex fraud. Forex scams since COVID-19 began have grown at a more rapid pace than before. This is true despite governments stepping up regulations.

Why didn’t forex regulations governments have adopted in the past few years prevent the proliferation of forex scams?

Forex Scams–The Epidemic Within the Pandemic

It is natural for scam artists to take advantage of both positive and negative events. This was particularly true of forex scams during the Covid-19 crisis. The increase year over year of cyber scams ranged from 70% to 90% depending on the type of scam. 

One factor for this increase was the amount of time people spent online. Since many people were unemployed or working from home, they had more time to spend online and were easy targets for all kinds of cyber scams. 

The other factor was a deep financial need. Unemployment and economic decline in many countries reached levels that had not been seen in decades. As people waited for stimulus checks from the government, they were searching online for ways to make money fast. 

Forex scam artists took advantage of this desperation and offered money-making schemes that actually turned out to be money-taking scams. 

One infamous example was a scammer named Kenzley Ramos from Georgia who promised they would make large amounts of money during the coronavirus pandemic trading forex. Ramos promised huge returns to investors who entrusted their money to him and his forex trades. However, Ramos did not trade any of the money but pocketed it. Ramos surrendered to authorities and was charged with commodities fraud. 

This example is only one of many forex scams that proliferated since the beginning of COVID-19 and even as restrictions are relaxed and life returns to normal, forex scams are expected to increase as long as people are looking to regain their losses and make extra money. 

Governments and financial regulators warn the public against these get-rich-quick schemes and have regulations in place. So why then have forex scams increased? Aren’t regulations working? 

Government Regulation of the Forex Market–Are They Working? 

If there are many forex scams, it would seem logical that governments should tightly regulate the forex market. Although the United Sates, Europe, and other areas of the world have regulatory bodies that are intended to oversee brokers and other forex services, there is still plenty of fraud. This seems counterintuitive but it makes sense looking carefully at the nature of the forex market. 

Unlike stocks, forex is not traded on a central exchange that can be easily regulated. Therefore, the government can try to create rules for forex trading, but these rules may not have the kind of a bite and practical application as laws against speeding, for example. If the speed limit changes in a certain place, the police can clock someone speeding, prove it and issue them with a ticket. 

However, forex is not traded on a specific “highway” or an exchange. There is a “police officer” who is given the authority to patrol a certain area and execute laws. The most that can be done about forex trading is to set up regulatory bodies that can create rules for forex trading and products, can license brokers, take action against brokers who violate the rules by suspending licenses, and alerting legal authorities to fraud and other crimes they investigate. 

There are many regulatory agencies in countries all over the world that are given the authority to make rules that protect consumers and can take action against fraudulent behavior when it happens. Some of these organizations are the FCA or the Financial Conduct Authority in the U.K., National Futures Association (NFA) in the U.S., and the MiFiD or Markets in Financial Instruments Directive, which governs the EU. In addition to the MiFID, there are regulatory bodies located in individual European countries. 

Examples of rules these regulators require of forex services and brokers include:

  • Conforming to the precise definition of individual and institutional investor
  • Maximum rates of leverage
  • Requiring separate accounts of the companies and clients
  • Mandating minimum market capitalization
  • Client compensation in case of company or broker insolvency 
  • Require record keeping, reporting, and inspection
  • Security deposit requirements
  • Negative balance protection

These are just a few of the regulations these organizations may require from companies and brokers registered with them. The list of requirements should be more than sufficient for protecting consumers against frauds and ensure they will recover their funds in case the company or broker suffers a financial crisis.

If These Regulators Are So Effective, Why Are There So Many Forex Scams?

Returning to the original question, simply put, there are so many forex scams, despite thorough regulation because forex is not something that can be centrally located, since it is not connected to a specific exchange and because many brokers and forex services avoid or can’t qualify to become licensed. Therefore, they are not under the authority of these regulators. 

Technically, it isn’t legal for these brokers and companies not to get a license to trade forex. However, as long as consumers do not do their due diligence or are unaware that licenses are important, the more these forex scams will thrive. 

The bottom line is, the regulators can only do their part, but if the consumer remains indifferent or uninformed about how essential working with a licensed forex broker or a legitimate forex company is, the regulators are not able to protect them from scams. 

Trader Defense Advisory works with many clients who entrusted their money with an unregulated broker. The results are almost never good. We strongly advise consumers to research forex brokers thoroughly by reading our broker reviews and asking our experts questions they may have about forex brokers. If you have lost money in a forex scam, consult with us and we can create a fund recovery strategy. 

If You Have Been the Target of a Forex Scam, Talk to Trader Defense Advisory. 

Trader Defense Advisory professionals are well-versed in the process of reporting fraudulent brokers, forex scams, and identity theft. They help clients individually through the procedure of filing a claim and reporting their case to the authorities. TDA experts have combined decades of experience with banks and financial regulators that can track down fraudulent parties and help clients recover from identity theft and other types of fraud. We have a proven track record of success in assisting clients with winning claims and helping clients reclaim their identity.


Despite Chinese Government Crackdown, Crypto Scams Continue

China has led the way in technological advances but is also known for cracking down on these same technologies when the Chinese government perceives development has gotten out of hand. This sometimes contradictory approach is seen in China’s shifting position on cryptocurrency. 

The Chinese government, on the one hand, was initially supportive of the development of blockchain technology, but it took some of the most aggressive steps in the world to regulate cryptocurrency. However, despite the strict laws limiting cryptocurrencies in China in 2017,  crypto scams originating in China are finding ways of operating, in some cases offshore. 

One example is the Chinese-led crypto scam Turkish officials discovered in March 2021. Law enforcement arrested the 18 ringleaders who, as reported by the Turkish-language news agency Demirörenon, had taken 101 people captive and forced them to operate the scam. The captives, all Chinese nationals, were forced to get Turkish visas, which were taken away from them so they could not go back to China. 

The prisoners were paid a salary of $1,000 a month, were compelled to work long hours and lived in nine villas in the Turkish coastal city of Silivri. These criminal activities were discovered when two of the workers escaped and immediately sought the aid of authorities. 

The scam pretended to be a company that would manage cryptocurrencies for clients and provide customer support. They depended on consumers giving them cryptocurrencies or data which they would steal and use for their own purposes. The fake service urged customers to “hand over your virtual currency to us and we will double it and give it back to you.” 

This shocking case is just one in a series of cases that demonstrate, rather than preventing cyber criminals from perpetrating crypto scams, the Chinese government’s tight regulations have driven these frauds offshore. A similar type of scam involves Chinese nationals selling fake cryptocurrency products on social media and gaining access to digital currency and data when people clicked on scam links. 

The Chinese Regulation of Cryptocurrency

The Chinese government has a complex relationship with cryptocurrency. While it is true some of China’s technology contributed to the development of blockchain technology and it was once a major buyer of bitcoin, its government, which is known for being strict regarding regulations, clamped down on cryptocurrencies and outlawed ICOs or Initial Coin Offerings in 2017 and shut down cryptocurrency exchanges in China. 

Recently, it seems that China has relaxed its stance on digital currencies somewhat. Li Bo, the Deputy Governor of The People’s Bank of China declared that bitcoin was an “investment alternative.” Although Li Bo did not encourage bitcoin as a form of currency, he did indicate a more open attitude to cryptocurrency trading. 

Bo’s statement sent mixed signals about the future of cryptocurrency in China. Although he maintained that the central bank will retain its regulations on cryptocurrencies, he hinted that China was “still looking into” what kind of regulations to impose, “maybe minimal.” He reaffirmed The People’s Bank of China’s concern about speculation and creating financial risks with cryptocurrency trading. There is talk that China will introduce a digital yuan in 2022. 

The Dilemma of Cryptocurrency 

China’s ever-changing position on cryptocurrency reflects the feelings of many governments and individuals regarding on the one hand wanting to take advantage of a significant opportunity and concern over risks, volatility, and crypto scams. 

The Chinese government, by taking steps towards introducing a digital version of the yuan and relaxing regulations on cryptocurrency, is showing it wants to participate in the digital currency trend, but there is a concern that the kind of crypto scams that went offshore, such as the fraud described in Turkey, will return to mainland China. 

The attraction of cryptocurrency is that it provides freedom from government regulation, which is something many governments, especially the Chinese government, may find threatening. 

There are proposals around the world to attempt to regulate the cryptocurrency market, but since no government has control over the blockchain, there is little they can do to prevent problems from arising. They must resort to having law enforcement crack down on scams after they are discovered because they are not in a strong position to prevent crypto scams. 

How To Avoid Crypto Scams

Since it is clear that even when governments intend to crack down on crypto scams, their lack of control over the blockchain and crypto technology means there is little they can do in reality to prevent these types of crime. This means that consumers need to take the responsibility to do their due diligence and educate themselves about crypto scams and take steps to avoid them. 

Trader Defense Advisory recommends taking the following steps to avoid becoming a victim of crypto scams: 

  1. Avoid “deals”’ involving cryptocurrency with extravagant claims about becoming rich 
  2. Do not hand over your bitcoin or codes to anyone
  3. Be suspicious of spam or unsolicited messages from people you don’t know with a cryptocurrency scheme
  4. Verify all cryptocurrency services and brokers by conducting a background check. Confirm all  contact information, company history and licenses
  5. Do not click on links that are sent to you by parties you are not already in regular contact with. If you are invited to visit a site and want to check it out, type the address manually in your browser
  6. Keep in mind that cryptocurrency is volatile and the market moves quickly. Reject any offer from a broker who claims to “guarantee” consistent high returns on your investment. 

As those who create crypto scams become more creative in their strategies, there is no guarantee that even with these precautions you will be 100% safe from fraud, but they will dramatically reduce your chances of losing money and data to a crypto scam. 

If You Have Been the Target of a Crypto Scam, Talk to Trader Defense Advisory. 

Trader Defense Advisory professionals are well-versed in the process of reporting fraudulent brokers, crypto scams, and identity theft. They help clients individually through the procedure of filing a claim and reporting their case to the authorities. TDA experts have combined decades of experience with banks and financial regulators that can track down fraudulent parties and help clients recover from identity theft and other types of fraud. We have a proven track record of success in assisting clients with winning claims and helping clients reclaim their identity.


3 Common Bitcoin Scams in Hong Kong–Are You At Risk?

Hong Kong has been at the forefront of technological advancements and the adoption of Bitcoin. The downside of this is the increase in Bitcoin scams in Hong Kong, but the country’s authorities have been quick to crack down on cyber fraud. There are tight regulations proposed that may limit the trading of Bitcoin and to place cryptocurrency under tighter scrutiny. 

If you have been the target of Bitcoin scams in Hong Kong speak to Trader Defense Advisory experts. We have the tools and the expertise to track down cybercriminals, unmask scams and work with authorities and regulators. Consult with our team and we will help you make your claim on the money you are owed. Here are some of the most common Bitcoin scams in Hong Kong.

  1. Romance Bitcoin Scams 

The South China Morning Post reports that romance Bitcoin scams in Hong Kong have robbed people of tens of millions of dollars. Many of these frauds combine the methods of romance scams with phony investments. Fraudsters under an assumed identity, start up a romance with someone on social media platforms such as Tinder, Facebook or Instagram. 

The other people think they are having an online romance, but the fraudster will make excuses to avoid video chat. They may even post fake pictures of themselves and make up false stories about where they live. As part of the romance, they will share hard-luck stories and ask for money for a medical procedure or help them until they find a new job. 

In some cases, they will share investment “ideas” with their romantic partners and encourage a joint investment for their “future together.” In the end, it is clear that the other party is a fake and runs off with the money. They often choose Bitcoin or cryptocurrency to hide their identity, although the authorities often catch up with them. 

Scammers count on the fact that many of their victims will be too embarrassed to come forward. Don’t let the fraudsters get away with it, but speak to Trader Defense Advisory if you have lost money in romance bitcoin scams in Hong Kong. 

  1. Bitcoin ATM Theft 

Hong Kong police in 2020 arrested three men in an ATM Bitcoin scam that robbed people of tens of thousands of dolalrs. This was only one of many ongoing cases of ATM Bitcoin theft and it continues to be one of the biggest Bitcoin scams in Hong Kong. These men were thought to be part of a larger group of people who have learned to steal money out of Bitcoin ATMs with fake authorizations. 

These ATMs allow people to buy Bitcoins and other cryptocurrencies with cash or credit cards. These scammers have learned how to exploit loopholes in the verification procedure to access Bitcoin. The authorities also warn of customer data being mined by fake Bitcoin machines. 

  1. Investment Schemes

Investment Bitcoin schemes in Hong Kong are another common form of cryptocurrency fraud. In Hong Kong, residents are bothered online and even on the phone by scammers promising extremely high-yield returns for cryptocurrency investments. Scammers have taken to social media to push deals that promise to invest in Bitcoin but are nothing more than Ponzi schemes. 

There are plenty of legitimate Bitcoin investments, but reliable crypto investments are almost always through a legitimate, licensed broker. Do not invest in schemes advertised on social media, text, or through email spam. 

If You Have Been Targeted by Bitcoin Scams in Hong Kong, Contact Trader Defense Advisory

If you suspect an online romantic partner, or a crypto investment might have robbed you of your Bitcoin, contact Trader Defense Advisory, Bitcoin scams in Hong Kong and all over the world are robbing people of millions of dollars. You need to act fast and have the right advocates to help you make your case. Trader Defense Advisory experts will take you through the entire process of recovering your funds. Talk to TDA experts today.