Why do so many people fall victim to these scams if they do not involve a proper brokerage account, website or platform? Why should they believe someone who claims to give them insanely huge returns?
Scammers don’t bother to appear quite as legitimate as they did in the past because they are dealing with larger numbers of potential targets. Social media provides scammers access to so many people, that it hardly matters that their methods may seem transparent. They will always be able to catch enough people to make it worthwhile and disappear without a trace.
Another thing working in the favor of social media forex scams is the psychology of risk. One reason brokers focus on high-risk assets such as forex trading scams, crypto scams and CFDs is they can explain away lost funds by saying the trades lost.
Another aspect is understanding that these traders may be ready to accept losses since they are prepared to undertake risky trades in the first place.The idea is that they may be less upset or surprised if they lose and may not pursue scammers so aggressively.
The scammers also rely on potential self-blame that may accompany these losses and the notion that traders took on the risk and they knew what they were getting into. In the case of a social media forex scam, they did not plan to get involved in a scam.
There is a huge difference between taking legitimate risks in forex trading and being the victim of a crime, such as fraud. Risk is fine and many people find excitement in making high-risk trades. However, this appetite for risk should not be exploited in the form of social media forex scams or other types of forex trading scams. It is important to file a complaint about social media forex scams.