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Recovering The Lost Money In Binary Options Fraud

A Global Challenge 

Being scammed could be really annoying for many and for some it could be quite damaging both, physically and mentally. Those who have been scammed usually feel perturbed and there is no doubt that they feel ashamed of telling anyone about what has happened to them. Scamming has become a global pandemic from which no one is safe. Countries like USA, UK, Australia, Canada, Germany etc. are all big victims of scam and, unfortunately, instead of a decline in the number of cases, yet the number of individual victims are increasing rampantly. It has become a global challenge for everyone and, no matter how hard everyone is trying, still the scammers manage to deceive the public on a large scale successfully.

Understanding the concept of “Binary Options”

Binary option, which is also known as “all or nothing options” or “fixed returns options”, is typically a contract of the kind in which payouts are dependent upon the outcome of “Yes” or “No” respectively. The person who is using the option is called “option holder” who, upon its expiry, will be able to receive pre-determined amount of money or nothing at all, as the case may be. In simple words it is like “gamble”. For example there are two teams i.e. Team A and Team B, playing a basketball match and of course one will win. Suppose you predict that Team A will win and if Team A wins you will get extra money and if Team A loses, you will lose your money. 

Vulnerability of Binary Options of scam

This aspect of being a very simple type of trading, makes it too much vulnerable and attractive to scammers. There are many online trading platforms who provide traders to trade in Binary Options. But as we all know the online world is filled with people who are waiting to commit a scam upon the people and they have turned their gaze upon this legal business, which was otherwise flourishing. Because of these scammers, this trading business has suffered immensely and continues to suffer irreparably till to date from binary options fraud

Beware of their tactics

What these scammers do is simple. They establish fake websites which are categorically created to serve one point agenda which is to scam inexperienced traders. It is important therefore to understand how these scammers are jeopardizing this trading business and what are their ways and methods to scam people. 

Usage of Sales Pitches

Firstly and foremost these scammers have been seen to entice public by showing them the most lucrative business opportunities which are harder to refuse. They usually use made up names and lie about from where they are conducting their business activities. For example they pretend to be in USA however when an enquiry is made it is found out that the origin of the website was in Nigeria. They are good at what they are doing and can lure anyone in their dirtiest schemes as a result the customer is compelled to deposit his money with them in the hope that he will be able to make profits.

High Velocity Sales Tactics

It has been witnessed in many cases that the purported representatives of phony binary option trading websites apply high pressure sales tactics to create an urgency which if not availed off immediately, the customer would be unable to make profits. In this way many innocent people have been deprived of their hard earned money which was stolen from them by these scammers.

Identify Theft

Another form of scam is the identity theft in which these perpetrators may obtain information such as copies of driving license, passport and debit/credit card by lying to the customer that they have been asked to get this information from the customer as per the directions of the government. To the contrary this information is sold out to other scammers so as to commit another scam on the person.

Refusal of Withdrawal Requests

Once a customer is lured into signing up with them they ask him to deposit initial payment to manage and operate his trading account. Unaware of their intentions, the customer deposits his amount and only realizes that he has been scammed when he requests the purported trading platform for withdrawal of his amount. The request is then declined and when the customer tries to contact them, his calls remain unanswered and communications through emails remain unresponded.

Should you forget your money?

Of course not. You should fight for your money or at least take up the case against perpetrators so as to ensure that no other person is fooled out by these heartless scammers. If you have been scammed, this does not mean that you have completely lost your money. There are ways to ensure refund of your looted money. You can reach local police and cybercrimes authority so as to bring the scammers before justice and if the scammer is caught there is likelihood that you can recover your money through court or the relevant quasi-judicial authority.

Recovering the stolen money

There are other ways to recover your looted money which include existence of various websites which offer investigating services in an attempt to help catch the culprits. In some cases many websites have even been able to get you refund of your money without going through the lengthy process of taking up the matter with court or other quasi-judicial authority. One such very helpful website is called Money-Back.com which is a reputable company involved in getting refund of looted money in case a person has been scammed in Binary Options.

Concluding Thoughts 

When a person is scammed it is quite normal that he feels alone and must be going through hard times but the reality is we all go through hard times. Sometimes we win and sometimes we lose. There is no need to weep on the past. If you have been scammed, move forward and look for the future and if you know someone who can recover your money from the scammers, don’t wait just go for it because the money does not grow on trees. It is something which is hard to come by.

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