The agency pointed out that fraudsters even target victims multiple times.
It stressed that the government never emails, calls, or texts anyone demanding money.
The Commodity Futures Trading Commission (CFTC) is alerting the public against rampant financial scams and frauds targeting common people. Yesterday (Tuesday), the regulator’s Office of Customer Education and Outreach (OCEO) issued a public advisory highlighting the repetitive nature of these scams and frauds.
The warning explicitly stressed that victims may be targeted multiple times, sometimes by the same criminal gangs. It further highlighted that trading fraud victims are often targeted by fraud recovery scams or even recruited to launder money for criminal enterprises.
The Rampant Financial Scams
Financial scams and frauds come in many forms. Some target victims with imposter platforms, while the more sophisticated ones gain trust for weeks or even months before pitching fraudulent schemes.
One prominent and sophisticated scam occurs on social media and online dating platforms. Commonly known as pig butchering scams, criminals approach potential victims on online platforms and build relationships before pitching fraudulent schemes to them.
“We tend to see this in what we call relationship confidence frauds or what the perpetrators call pig butchering frauds,” said OCEO’s Director, Melanie Devoe. “These frauds in and of themselves are heinous crimes that leave victims with significant losses and broken hearts. Then, the victims are harmed again by fraud recovery schemes or are convinced to open bank accounts and move stolen money.”
People Must Take Precautions
The regulator advised people not to mix money with long-distance relationships and to be cautious of calls, text messages, letters, or emails from people or companies they’ve never contacted.
However, a joint survey by Finance Magnates and FXStreet found that clones of brokers and signal providers are top threats to retail traders.
Other precautionary measures include ensuring that the trading platforms are registered and headquartered in the United States. The agency even sounded an alarm against regulatory imposters and reiterated that “the government will never email, call, or text you demanding money.”
Earlier, the regulator of Cyprus issued multiple warnings against imposters impersonating regulatory officials and targeting traders and companies alike.
The Commodity Futures Trading Commission (CFTC) is alerting the public against rampant financial scams and frauds targeting common people. Yesterday (Tuesday), the regulator’s Office of Customer Education and Outreach (OCEO) issued a public advisory highlighting the repetitive nature of these scams and frauds.
The warning explicitly stressed that victims may be targeted multiple times, sometimes by the same criminal gangs. It further highlighted that trading fraud victims are often targeted by fraud recovery scams or even recruited to launder money for criminal enterprises.
The Rampant Financial Scams
Financial scams and frauds come in many forms. Some target victims with imposter platforms, while the more sophisticated ones gain trust for weeks or even months before pitching fraudulent schemes.
One prominent and sophisticated scam occurs on social media and online dating platforms. Commonly known as pig butchering scams, criminals approach potential victims on online platforms and build relationships before pitching fraudulent schemes to them.
“We tend to see this in what we call relationship confidence frauds or what the perpetrators call pig butchering frauds,” said OCEO’s Director, Melanie Devoe. “These frauds in and of themselves are heinous crimes that leave victims with significant losses and broken hearts. Then, the victims are harmed again by fraud recovery schemes or are convinced to open bank accounts and move stolen money.”
People Must Take Precautions
The regulator advised people not to mix money with long-distance relationships and to be cautious of calls, text messages, letters, or emails from people or companies they’ve never contacted.
However, a joint survey by Finance Magnates and FXStreet found that clones of brokers and signal providers are top threats to retail traders.
Other precautionary measures include ensuring that the trading platforms are registered and headquartered in the United States. The agency even sounded an alarm against regulatory imposters and reiterated that “the government will never email, call, or text you demanding money.”
Earlier, the regulator of Cyprus issued multiple warnings against imposters impersonating regulatory officials and targeting traders and companies alike.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Q2 Intelligence Report is Here: MiCA, AI, and Record Breaking Volumes
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Follow FMevents across our social media platforms for news, insights, and event updates.
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Follow FMevents across our social media platforms for news, insights, and event updates.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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