Scam Exposed: XM Saham Investment May Be Posing as a Legitimate Broker for Fraud

Scammers usually use social media platforms to promote bogus investment opportunities, and even to connect with people directly to encourage them to invest. People send money on promises of huge returns, but end up empty-handed.

One such scam is XM Saham Investment, which advertises fake investments on Facebook and adds unsuspecting traders to its Telegram group, which is filled with scammers who send daily feedback on their profits. The feedback attracted one client to join the platform's investment program. The group administrator chatted with him about the investment packages on offer, which seemed tempting.

According to the details of the package, the BASIC Plan allows for a minimum deposit of RM500, which is claimed to bring in a staggering RM7,000 in profit. In the SILVER Plan, an investment of RM2,000 purportedly brings in RM35,000 in profit. The GOLD Plan covers the biggest profit opportunity, with an alleged RM120,000 profit generated from an RM10,000 deposit, a 12-fold increase.

A few hours after the client deposited RM500, the scammer informed him that his account had made a profit. However, the client was asked to make other payments in order to obtain the profit. After several transfers, the client injected a total of RM3,000. Despite a profit of RM55,000 in his account, as shown in the screenshot below, the client still did not receive anything in return.

At that time, the client realized that he had been scammed. This is the tragedy that most victims of such scams fall into.

BrokersView Reminds You

According to the screenshot information provided by the client, the logo of XM Saham Investment is almost identical to that of the regular broker XM. XM Saham Investment is suspected of misusing the information of a compliant broker in an attempt to mislead investors. Therefore, the importance of investigating the regulatory status of a trading platform needs to be re-emphasized.

To stay vigilant against investment ad fraud on social media such as Facebook, Instagram, and Telegram, traders need to check the legitimacy of profiles promoting investments.

Something you need to know: Genuine investment opportunities have a track record, transparent information, and a real online presence; If an investment promises unrealistically high returns or it’s too good to be true, it's likely a scam.