| Affinity Fraud In The Forex Market, Beware |
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| Written by Tom K Kearns |
| Monday, 09 November 2009 22:03 |
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We were taught at our very young ages to look left and right before crossing the street; pay attention to the brightly colored cross walker that guided us, and the bus lights accompanied by the electrically pulled-out stop sign with the intent of restraining us from crossing the street. Now, in our older years concerns about money and internet scams, prompt us to keep an eye on the predators that prey upon us, like the bully at school after our lunch money.
We were taught at our very young ages to look left and right before crossing the street; pay attention to the brightly colored cross walker that guided us, and the bus lights accompanied by the electrically pulled-out stop sign with the intent of restraining us from crossing the street. Now, in our older years concerns about money and internet scams, prompt us to keep an eye on the predators that prey upon us, like the bully at school after our lunch money. Affinity frauds are like lions in the grass watching us like dinner. In the money markets, affinity frauds pounce on the identifiable and very specific groups, factions of religion, ethnicity, and demographics. It is a new type of fraud that is being watched closely in the Forex market. Playing in the field of predators, some brokers offer alleged investment opportunities to specific areas claiming affinity (likeness, similarity) towards them. Only to lure in a feeling of comfort to better the ability to reel them like fish to the hooked worm. The enormity of true connection is easily portrayed in a world of many people. The quick and easy route to get things done and get people connected is a effortless as watching ice cream melt, via emailing, instant messaging, and so on. Whether it's with Forex brokers or other types, individuals who are making investments need to be fully aware of this. The capital of new found brokers, regulators, traders or investors, and companies need to be researched. Being legitimate with a few real customers is a typical move for these swindlers, forming the bond, working with them hand in hand, getting the testimonials, and then using that as collateral to fetch others. Being the lucky ones to be embarked on a fraud that can lead to damages they cannot live with is unfortunate for the "others". The lack of notifying the authority is all too common in this situation. Trying to fix issues within the group, and leaving them quickly shorthanded and alone is usually what happens instead. Ways to avoid Affinity Frauds 1) Before investing anything call and ask your state or provincial security agencies about sales persons, firm, or company. This is the first thing you should do and is very important. This simple maneuver can save you a good chunk of money. First, find out if the investor or company is registered and then see if the investment is allowed to be sold. Back away if not completely, the investors do not care about you and have a way with words. Research for yourself. 2) From the investor obtain written information on the procedures of the investment, risks of the investments, and procedures on getting your money out! 3) Ask for professional advice, from an attorney, accountant, financial planner; be it through a friend or you pay them, you are much better off. 4) Earlier people the investor had that were legitimate could be incredibly enthusiastic, however later arrivals may not be so pleased. So pay attention to dates of testimonials. Look closely for odd names and repetitive names. Be AWARE! DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. To learn more about Forex Trading Signals visit Automated Forex Trading Systems. |
| Last Updated on Friday, 16 July 2010 14:06 |