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Showing results for tags 'Iraqi dinar fraud'.
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CFTC Fraud AdvisoriesLink: http://www.cftc.gov/ConsumerProtection/FraudAwarenessPrevention/CFTCFraudAdvisories/fraudadv_forex Foreign Currency Trading (Forex) FraudThe Forex market is volatile and carries substantial risks. It is not the place to put any money that you cannot afford to lose, such as retirement funds, as you can lose most or all it very quickly. The CFTC has witnessed a sharp rise in Forex trading scams in recent years and wants to advise you on how to identify potential fraud. Signs of a Possible Fraudulent Sales Pitch Lead you to believe you can profit from current news already known to the public. “Given the things happening in Iraq, you can easily profit from the exchange between the U.S. dollar and the dinar.” Made through word of mouth referrals or emails from friends and relatives, members of community organizations, churches, or social groups. Contacts you asking for personal information such as your name, phone number, and email and home addresses. Promising that with Forex there is no “down-turning market”. Possible Persuasion Tactics You May Experience Dangling the prospect of wealth and enticing you with something you want, but can't have. "This Euro/dollar deal is guaranteed to rise double what your current investments are doing." Trying to build credibility by claiming to be with a reputable firm or to have a special credential or experience. "Believe me, as a 10-year senior vice president at this firm, I would never sell something that doesn't produce." Leading you to believe that other savvy people have already invested. "This is how Bob down the street from you got his start. I know it's a lot of money, but I'm in—and so is half our club. It's worth every dime." Offering to do a small favor for you in return for a big favor. "I'll give you a break on my normal Forex commission if you buy now—half off." Creating a false sense of urgency by claiming limited supply. "There are only two units left and the Asian market is about to open, so I'd sign up today.”