Superior Trading Skills through Education

The Scammers are back Print
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Sunday, 02 February 2020 09:27

The Scammers are back

The scammers are back.

Back in 2017 I was stalked by a group of scammers. It was the same old story of an 'Advance fee fraud'.  A carrot is dangled, money for nothing, and then to get the cash, money had to be sent to cover expenses/pay off for a bank employee/regulatory fees/etc., etc. 

The story was detailed in previous blog posts. Part one here and then part two.

History repeats

Two weeks ago I took a call from a very pleasant lady who was from the International Financial Regulatory Agency. By chance they had found my name on an old share listing from the Malaysian stock exchange.

She asked if I knew the shares were now very valuable as the company had received a take over bid and they wanted my shares at almost any price!

Red flags - I have never bought any shares in far east companies and the patter immediately resonated with 2017. I enjoyed stringing them along for a few days as they sent the (fake) regulatory documents. They kindly said that if I couldn't find my old share certificate they could arrange a replacement, but a fee would be involved!

This ended with a reasonable conversation with the dear lady about this attempted fraud and how easy it is to dupe others if the carrot is attractive enough. I explained how I thought the whole fraud operated and she didn't disagree.

Regrettably, back in 2017 I received several emails from people who had been stung from similar frauds and had been unable to recover any of their money.

If one is unfortunate enough to fall for these scams, there is almost zero chance of any redress. The only way out, is never to fall for them at the start of the process and just remind ourselves that there is never money for nothing.

Take care out there.


From the blog

In the pits, must see video

It's all about the psychology...

"It's not what you make - It's what you don't lose"

Joseph Gibbons, former floor trader.

"Floored: into the pits" is a must see insight into the psychology of trading and how traders transitioned from the Chicago pits to screen trading. Anyone new to trading, and anyone who has traded for years will find the film compulsive viewing!.

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