Investment Scams
What are they?

What investment scams should I look out for?

• Cryptocurrency Scams

  Cryptocurrency investment scams are unfortunately growing in popularity. According to Report Fraud, £145 million pounds has been lost in 2021 alone to crypto scams. The scammers will either try to convince you to invest in a cryptocurrency platform that is actually a fraud and doesn't invest in real cryptocurrency, or they will convince you to open an account at a recognised platform and try to access your wallet. Be on your guard when it comes to cryptocurrency, especially if you're being guaranteed returns.

  Fake bonds and pension products are also popular with fraudsters. They may pretend to be a legitimate firm you have heard of and try to convince you to send money to their bank account or cryptocurrency wallet. Importantly, if they tell you not to be honest with your bank about the reason for the bank transfer, then it is probably a cryptocurrency scam.

• Forex Scams

  Like with cryptocurrency or binary options scams, fraudsters will use adverts on search engines or social media to advertise their fraudulent Forex schemes. Forex scams are where criminals trick people into investing in fraudulent foreign currency schemes.

  Forex scams tend to lure traders in with the promise of high returns on their investment with little to no risk. They often promise once in a lifetime investment opportunities where traders can make high returns overnight, but then disappear once they receive payment. Sometimes they claim to have a 'robot' Forex trader that offers guaranteed returns, which is a red flag warning sign of a scam!

  If you've lost money to a Forex scam, Refundee could help you recover your money from your bank.

• Binary Options

  Binary options are now banned and therefore if someone is offering you to invest in binary options, it probably is a fraudulent scheme. However, that does not mean you cannot recover your money from a binary option scam and you should speak to Refundee to see if we can help.

  Binary options are a form of fixed-odds betting and you should bet on whether a certain event happens or does not happen. On 2 April 2019 the FCA permanently banned firms from selling binary options in the UK.

  Fraudsters usually use social media to advertise binary options scams. They'll link you to professional looking websites and although in reality the fraudsters are often based outside the UK, they will have London addresses.

  Again if you want to recover money from a binary options scam, you can try and do it yourself or you can use a fraud recovery service like Refundee.