The proliferation of fake investment opportunities on social media platforms such as Telegram and WhatsApp has emerged as a widespread concern. Scammers leverage these platforms to peddle fraudulent investment schemes, enticing unsuspecting individuals with promises of substantial returns. These deceptive tactics specifically target people who are seeking financial gains.
The recent case involves “FXTM Global Online Trading”, a so-called investment group promising protected trading accounts, the fastest payment and disbursement, and guaranteed profits. The promise of guaranteed profits, in reality, is already a significant red flag of a scam, as a legitimate trading service provider does not promise that.
We can find out from the chats within the group that most of the group members are fellow scammers who send pictures and misleading messages showing “successful trades and returns”.
The trading package offered by FXTM Global Online Trading further highlights the untrustworthy and fraudulent nature of the scheme.
A trader from Malaysia was added to FXTM Global Online Trading’s group by an anonymous person, which was the beginning of the scam for most of the victims. Repeated profitable feedback from other “group members” prompted him to trade with the scammers.
The trader joined the scheme with a capital of RM1,000. Subsequently, the scammers asked for another deposit for fee charges and he topped up. When the scammers demanded another payment, he refused.
Denial of client withdrawals and demanding various fees amidst clients’ requests to withdraw their funds or profits are common tactics by scammers.
Never trust an investment program that promises guaranteed profits;
Beware of Telegram groups with names bearing the names of well-known brokers, such as FXTM Global Online Trading, which misuses FXTM’s name and logo and has no association with the real FXTM;
Do not be misled by the words of group members or your so-called friends, always do your own research and judgment.