The City of London Police reported about the growth of binary options fraud in the UK. Looks like binary options scams as investments frauds as well has become a long-lasting trend and criminals started to use more brazen tactics. Many of them started abusing the names of famous people to lead their potential victims astray.
The City of London Police has published a special warning against this type of fraud. Sir Richard Branson joined to this announcement and warned that scammers using his name or name of his company to dupe investors:
“I am determined to prevent anyone being confused into giving money or their personal information away on a false pretence. These scams can be terrifyingly deceptive and I would urge everyone to look out for these stories and report them as soon as you see them.”
According to the announcement, Action Fraud, the national fraud, and cyber crime reporting center inform about a steep increase in reports of binary options fraud. Financial losses from binary options frauds have considerably increased in the last financial year.
The biggest problem is that the Financial Conduct Authority (FCA) is not able to protect deceived investors, all complaints are to redirect to the Gambling Commission as a regulatory authority. However, the Gambling Commission works only with regulated companies.
We encourage you to be vigilant and work only with regulated brokers.
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