| Beware of Affinity Fraud in the Forex Markets |
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| Written by Tom K Kearns |
| Sunday, 22 November 2009 23:47 |
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At a very young age we were taught to look both ways before crossing the street, we were also told to pay attention to the cross walk guide, and the stop sign on the side of the buses that prevented us from crossing the street. In our older years we are still prompted to keep an eye on the predators that prey on us like the bully after our lunch money. Our concerns now are with money and internet scams.
At a very young age we were taught to look both ways before crossing the street, we were also told to pay attention to the cross walk guide, and the stop sign on the side of the buses that prevented us from crossing the street. In our older years we are still prompted to keep an eye on the predators that prey on us like the bully after our lunch money. Our concerns now are with money and internet scams. Affinity frauds are the just some of the lions in the grass eyeing us like scrumptious meat. Affinity frauds pounce on the identifiable and very specific groups in the money markets, factions of religion, ethnicity and demographics. It is a new type of fraud in the Forex market that is being heavily watched. Some brokers play in the field of predators offering alleged investment opportunities to specific areas claiming affinity (similarity, likeness) towards them, to lure in a comfort feeling as in to better be able 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. A typical move from these swindlers is actually being legitimate with a few real customers, forming the bond, working with them hand in hand, getting the testimonials, and then using that as collateral to fetch others. Unfortunately for the "others" they are the lucky one's to be embarked on a fraud that can lead to damages they cannot live with. All too common in this situation is the lack of notifying the authority but instead trying to fix issues within the group, leaving them quickly shorthanded and alone. Ways to avoid Affinity Frauds 1) The most important and first thing that should be done is to call and ask your state or provincial security agencies about the sales person, firm or company before investing ANYTHING. This simple maneuver can save most people a lot of money. See if the investment is allowed to be sold after asking if investor or company is registered. These investors do not care in any way for you and have a way with words so if they are not completely back away. DO your research. 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) Get professional advice from an attorney, accountant, or financial planner. If you pay them or get it free from a friend, you will be 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 3rd party signal providers visit Automated Forex Trading Systems. |