Scam activities has always been and will forever be as long as we have humans on earth. You can never out rule the existence of gullible, greedy and ignorant folks on plane earth. As long as these set of people are in existence, there will always be a scam activity by some other set of people who see themselves as being smart. These set of so-called smart people are usually very intelligent, bold, and well informed in general than their victims.
Back in the early and late ninety’s, a lot of scam or fraud took place physically. We usually call these set of physical scammers the “419”. In this type of scam, all mode of operation to scam a victim is being done one on one in contact with the victim. There are still a lot of people involved in the physical scam, a common example in Nigeria are pastors, Islamic clerics, accountants, business men, government workers, politicians e.t.c
In this article we will be focusing on online scam and how to avoid one. Online scam originated from the invention of computer systems and internet connection. Since all the scam activities are carried out via an electronic medium, it quickly became very popular and easy to indulge in as it posed no threat or lowered the possibility of the scammer being cut by the victim or law enforcement agencies. Unlike the physical scam whereby the risk attached is very high.
In the financial trading industry, scams are very common amidst traders and investors. There a lot of brokers who are out there to rip traders. I have already written an article on how to prevent from falling into such scam brokers. Now lets talk about the scam traders who happens mostly to be fund account managers. These set of people come in sheep clothing, however they are wolves. They usually prey on greedy investors who are looking for astronomical returns on their investment. I strongly advise to do a thorough historical check on any fund account manager before releasing your funds to him/her. You need to do a background check of his profile with the broker he trades with and also his/her performance for at least 6-12 months.Most of all you also need to check if he pays his investors steadily.
Personally i always advise investors to go for the ‘Forex Copy program’ which is more secured than the PAMM account management system. A Forex copy program is a program designed to link investors personal trading account (also known as “copier”) to a Professional fund manager (also known as “trader”). It operates in such a way that a software is programmed to copy the exact orders opened in the trader’s trading account into the investor’s or copier’s trading account. Settings of lot size adjustment can be done by the copier/investor while the fund manager/trader can set how much he wishes to earn from his investors. This way an investor is in full control of his funds so the probability of getting scammed is erased.
It is very dangerous releasing your funds to traders you meet online, some of them are not for real and have different intentions. I have seen a lot of instance where traders abscond with investors funds meant for trading. Using the forex copy is much more safer and the advantage of the copier is all your funds will be in your trading account so no one apart from you has access to withdraw funds from your trading account. Moreover if you notice that your fund manager isn’t performing well, you could as well disengage your trading account from copying his trades and move ahead.
The second group of scammers i will be discussing are hackers. Hackers are everywhere on the internet looking for ways to gain access into peoples account. Computer hackers are unauthorized users who break into computer systems in order to steal, change or destroy information, often by installing dangerous malware without your knowledge or consent. Their clever tactics and detailed technical knowledge help them access information you really don’t want them to have. They can also disguise and lure you into revealing sensitive personal and financial information, or much worse. Never release your personal financial information to individuals you meet online because you do not know who is who. Also be very careful with platforms of websites you input your personal financial data for transactions, some of these website’s platform’s are designed to obtain your data which is then used by the hacker to steal the victims funds. Only input your private financial data on trusted websites!
The last group of scammers are those who major on buying and selling of E-currencies (Neteller, Perfect money, Bitcoins, Skrill, Payoneer, Paypal) online from ignorant clients who wish to buy at very cheap rates or sell at high rates. Its best to transact with only recognized, reliable and trusted E-currency exchange companies. Stop dealing and looking for unrealistic rates from individual dealers who are online with the intention of scamming you from your hard earned funds. A lot of these scammers can be found at nairaland and other popular business forums online.
We at mytopexchange are a transparent e-currency company and your transactions are safe with us. All you need to do is register a profile with your personal information and bank details on our website for a secure transaction. We do not indulge in third party transactions and we do take all necessary measures to eradicate scam transactions. But you also have your role to play. “Please do not release your personal information like online token or debit/credit card details or log-in/password of your e-currency accounts /wallets or security keys for unknown individuals and friends”. Keep your personal details as safe as possible and do not trust individuals you meet online.
Above all said, some people will still fall victim of scam due to their greedy nature or lack of information. Remember Ignorance is not an excuse in the court of law so stay sharp and be well informed!