Social media posts fraudulently promoting suspicious Binomo investment trading schemes resurfaced on X, targeting investors to steal their hard-earned money. In one hilarious case, a series of messages shared on the social media platform depicted a scammer claiming to have conned
five unsuspecting users.
The enticing posts about the deceptive scheme have now proven that the matter is part of an elaborate scam. They feature promises of doubling investors’ money, reportedly accompanied by
screenshots of satisfied investors. The WhatsApp messages involved a victim asking the fraudster to return the stolen funds.
Last year, the FCA
cautioned about a clone outfit dubbed Binomo Fx Trading, disowning
the company as offering services without its approval. The regulator provided the details of the unauthorized
firm, noting that it operated under the address Unit 1 Lancaster Court. Its email and website are support@binomofxtrading.com and binomofxlimited.com,
respectively.
Prolonged Social Media Scam
Scammers now use Facebook pages, Instagram accounts,
and even compromised LinkedIn profiles to promote a fraudulent scheme claiming
association with Binomo.
In another instance, a Nigerian court convicted two
individuals in 2021 for using the Binomo name to defraud unsuspecting investors,
according to local news agency Kano Focus. Meanwhile, platforms like Instagram have reportedly suspended
accounts like “@biinomo” for deceptive practices, but similar scams
continue to proliferate.
The scam’s reach extends beyond social media. In
Indonesia, fraudsters masquerading as Binomo agents reportedly caused financial
losses exceeding 30 billion Rupiah. The victims reported that the fraudsters used influencers and flashy promotions to lure them into the scheme.
Authorities Flag the Social Media Scheme
Unfortunately, since the operation is illegal, victims
have yet to recover their funds. Indonesian authorities have now declared Binomo and
similar platforms illegal, classifying binary options trading as gambling
rather than legitimate investing, according to the local media publication Jakarta Daily.
In some regions, victims have banded together to
expose the fake investment platforms. In Indonesia, law enforcement set up hotlines for
reporting Binomo scams, and grassroots efforts encourage whistleblowing to
educate others.
Bappebti, the Indonesian regulatory body, also advised
potential investors to remain vigilant. They recommend questioning the
legitimacy of platforms and avoiding high-return promises without
underlying assets.
Disclaimer: We could not confirm the identity of the scammer, the victim, or the individual who posted the tweet. The person who presented themselves as the victim also remains unidentified.
Social media posts fraudulently promoting suspicious Binomo investment trading schemes resurfaced on X, targeting investors to steal their hard-earned money. In one hilarious case, a series of messages shared on the social media platform depicted a scammer claiming to have conned
five unsuspecting users.
The enticing posts about the deceptive scheme have now proven that the matter is part of an elaborate scam. They feature promises of doubling investors’ money, reportedly accompanied by
screenshots of satisfied investors. The WhatsApp messages involved a victim asking the fraudster to return the stolen funds.
Last year, the FCA
cautioned about a clone outfit dubbed Binomo Fx Trading, disowning
the company as offering services without its approval. The regulator provided the details of the unauthorized
firm, noting that it operated under the address Unit 1 Lancaster Court. Its email and website are support@binomofxtrading.com and binomofxlimited.com,
respectively.
Prolonged Social Media Scam
Scammers now use Facebook pages, Instagram accounts,
and even compromised LinkedIn profiles to promote a fraudulent scheme claiming
association with Binomo.
In another instance, a Nigerian court convicted two
individuals in 2021 for using the Binomo name to defraud unsuspecting investors,
according to local news agency Kano Focus. Meanwhile, platforms like Instagram have reportedly suspended
accounts like “@biinomo” for deceptive practices, but similar scams
continue to proliferate.
The scam’s reach extends beyond social media. In
Indonesia, fraudsters masquerading as Binomo agents reportedly caused financial
losses exceeding 30 billion Rupiah. The victims reported that the fraudsters used influencers and flashy promotions to lure them into the scheme.
Authorities Flag the Social Media Scheme
Unfortunately, since the operation is illegal, victims
have yet to recover their funds. Indonesian authorities have now declared Binomo and
similar platforms illegal, classifying binary options trading as gambling
rather than legitimate investing, according to the local media publication Jakarta Daily.
In some regions, victims have banded together to
expose the fake investment platforms. In Indonesia, law enforcement set up hotlines for
reporting Binomo scams, and grassroots efforts encourage whistleblowing to
educate others.
Bappebti, the Indonesian regulatory body, also advised
potential investors to remain vigilant. They recommend questioning the
legitimacy of platforms and avoiding high-return promises without
underlying assets.
Disclaimer: We could not confirm the identity of the scammer, the victim, or the individual who posted the tweet. The person who presented themselves as the victim also remains unidentified.
This post is originally published on FINANCEMAGNATES.
