As technology advances, more and more social media platforms crop up, and many people join them as their popularity rises. Forex scams have entered one such social media platform called Telegram.
Over the last decade or so, many social media platforms are one the rise. They help attract and maintain a massive audience due to their rising popularity. In addition, many firms use these platforms to promote their products.
Since marketing and attracting people on such social media platforms is easy, scams related to the FX market have also crept into these social media platforms. For example, Telegram is one social media platform where people become victims of FX scams.
When social media is plagued with fraudulent activities or scams, users lose interest in them and start to leave that app for good. Pavel Durov, the founder of the Telegram social media platform, has recognized this and announced on Twitter the intention of Telegram to launch Antiscam.
This resulted in labeling duplicate accounts as scam labels—Telegram messenger’s battle against fraudulent user behaviors and divorce. However, the principle of its filtering is not publicized. The topic of how to prevent being placed on the blacklist remains unanswered in this regard.
When this label is assigned to any user, bots, and channel, they lose their visibility and get blocked. If you wish to communicate with these blocked accounts, you must use a direct link to go to them.
A fair punishment is implemented for Telegram scam distribution. Anyone can approach and inform developers about the detection of a scam by writing@notoscam. This account was previously used to gather information regarding a fake Durov cryptocurrency sale.
You can email NoToSpam@telegram.org to request that a user be considered for blocking. To confirm the legitimacy of their actions, letters from companies and services are sent.
There is no doubt that the Forex market is filled with many opportunities to make a profit. However, many traders are confused and find the information about the cash-making process complicated. This is where Telegram scammers come into the picture and exploit the situations.
Working on Telegram Forex Scams?
A scammer or a group of scammers impersonate a well-known forex trading expert or broker association with a promise to help people manage their money and make pretty good returns on their investments. They play on people’s greed and start running numbers in their heads as they try to sound professional by investing for a short period while guaranteeing a substantial profit.
People who fall victim to these scams are either naive or may be desperate to make quick money. They always forget that there are no free lunches in this world; everything has a price tag.
Since the stakes are high while trading in the Forex market, traders do not enter the market without prior practice or knowledge. However, these imposters will invite their victims into a private chat where their supposed “Clients” who are happy with their services will convince you that you as an FX trader do not need to trade if you were to approach these “professional” brokers who are ready to trade on your behalf. All you need to do is entrust your money, and they will do the trading while you relax and enjoy your life.
Once the victim falls for this hoax, these “traders” will string along with the victims by giving them false reports of profit and loss while trading and encourage these victims to invest so much more. Finally, a point comes that either the victim feels that they have been cheated, or when they request some money back, by that time these professional brokers disappear into thin air.
Here is a detailed explanation of how they entice their victims for a long time. These are the three common methods used by imposters:
- Victims are informed that some trading error caused all the money to be lost. They request their victims to send in more money with a promise of winning back all the money lost and some profit.
- Imposters will keep sending in some money to their victims to keep them happy for a short time and encourage them to invest more to make some more profit before cutting them off for good.
- The imposters will stop answering calls once the money has been transferred by their victims into their accounts.
The victims can’t do a thing once their victims have fallen into the trap of Telegram FX scams. Compared to other messaging apps, it is difficult to trace these imposters on Telegram as the security makes it almost impossible. In addition, tracing any private or group chats is challenging as the app does not censor them.
Reporting a Scam
Any fraudulent activity or scam information should be sent to not scam with a link to the user or the resource. Then, you can get a tag in one call to technical support.
The owner will not be saved if administering a private channel. Protection against resource checking and adding @notoscam to the blacklist will be denied. Applications that are not designed to eliminate competition will be rejected.
Antiscam will only work with users and channel owners who send messages.
Chances of AntiScam labeling incorrectly may exist. In such cases providing information that justifies the defense of the channel must be sent to the resource administration.
Thus you need to be on guard if you are new to FX trade and if you happen to be contacted by a broker or a firm that might be a potential Forex scam.