Recently, a 61-year-old woman was a victim of cyber fraud. The Manitoba Securities commissions recently reported that the women in question have been victims of a severe crime and were recently defrauded with thousands of dollars online. There is a high chance that they would never see the money again.
The Manitoba woman filed an online complaint with the MSC after failing to withdraw the money from Magnum Options. The firm, which was already designated to be a fake one, and is not registered to sell securities in Canada, persuaded her to invest $10,200 into the trading account using the credit card.
These unregistered firms are highly professional at duping people. They search for innocent people and end up fooling them very quickly. Investing might look easy for them, but it is difficult in all reality.
They dupe the people by asking them to invest much money, and they become entirely unresponsive. In the case of this woman, the company told her what trades to do, and then one day, all of a sudden, she got an email stating that her account is now empty.
Don’t make the same mistake that this woman made. Invest in a firm after thorough research and make sure that you don’t invest your entire portfolio. Otherwise, you might soon be in complete chaos. “These unregistered firms are slick, professional, and often very friendly” MSC senior investigator Jason Roy said in a statement.
“They make investing” look easy, but the real goal is simply to part you from your money” The woman contacted MSC after mysteriously losing $2,000 from her account. She tried pulling the remaining $8,200, but Magnum Options said she had to finish two trades before they would let her do that, MSC said.
According to MSC, the company then told the woman who trades to do. “She then received an emailed statement from Magnum showing her account was now empty and it’s doubtful we will recover any of her money”, Roy said. “Most of these companies are operating offshore, using bogus credentials. It’s an international shell game for the internet age”.