Protect Your Funds and Your Account
At FXRally, we believe that fraud prevention is the highest priority, and we want to work with you every step of the way to ensure that your funds and account are safe.
Here are some precautions that you can keep in mind, along with sharp judgment, awareness, and, to help keep your funds and account secured.
We would like to warn you about the Most Common Scams
Fraud and scams can come in many forms, and your familiarity with the typical schemes prevalent in the market today can give you an edge in knowing what red flags to look out for, especially when it comes to investing your hard-earned money.
High Yield Investment Fraud –
Characterized by high rates of return with little or no risk. If someone promises and guarantees a profit of more than 15 % and does not warn you about the risk, they are about to scam you
Advanced Fee Schemes –
Characterized by victims paying relatively small sums of money in advance in the hope of realizing much larger gains, which never materialize because there is no legitimate underlying investment.
Broker Embezzlement –
Involves unauthorized actions by brokers to steal directly from their clients by misappropriating funds or assets entrusted to them.
Ponzi and Pyramid Schemes –
Characterized by using money collected from new victims to pay the high rates of return promised to earlier investors.
Foreign Currency Fraud –
Characterized by using any kind of scheme to convince currency traders that they can expect to gain a high profit by trading in the foreign exchange market in order to defraud them.
Put a Premium on Your Privacy
Privacy is not an option and should not be taken lightly, especially when it comes to your account and funds. While the Internet has made it easier for people to share information online, you should know when to draw the line when it comes to the details you choose to share.
Yes, it is easy to remember not to disclose your username or password, but fraudsters and scammers are also getting sophisticated in the methods that they employ to get what they want.
As a rule of thumb, be very wary of sharing personal information publicly – information that should only be known to you or to a handful of people you know.
It might seem like an innocent-enough idea to share online the impressive amount you’ve earned from trading, your mobile number, the name of your first pet, your mother’s middle name, or even your graduation date, but always keep in mind that scammers and fraudsters can use these very specific tidbits against you – i.e. making you an ideal target of their attack or using your information to override security questions to access your account.
Use Technology to Your Advantage
Giving your funds and account an extra level of security against unauthorized access may mean taking an extra step like enabling 2FA, taking note of a passphrase, setting up a passcode, or changing your password regularly, etc., but this is a small inconvenience to pay, considering that you are dealing with your hard-earned money, regardless of the amount.
Here are some other tips to prevent fraudsters from using technology against you:
1. Use a password manager, so you don’t need to memorize or write down all your passwords.
2. Invest in an anti-virus software or Internet security package.
3. Keep all your software and hardware updated.
Keep Your Social Media in Check
For a generation that’s always on social media, it may not seem that of a big deal to bother with privacy settings on your favorite social media platform, but it is very IMPORTANT.
Make sure to review the privacy settings of all your social media accounts and check what information you are sharing publicly.
While it can be tempting in the interest of ease and convenience, please avoid using social media credentials to log in to other sites, such as when you see the prompt “Sign Up With Facebook,” as it’s not worth it to compromise the security of your account.
Fake pages are rampant in social media, so always take everything you read – whether it’s a promo, exclusive perks, freebies, even news, etc. – with a grain of salt.
Take time to verify that the page is legitimate, and if someone reaches out to you out of the blue on social media to offer an investment opportunity, there’s a real chance that it can be a scam, so be very discerning.
Go the Extra Mile in Keeping Your Account Secure
Even before the pandemic, scammers and fraudsters have constantly been evolving their methods to exploit more and more people.
This is why it pays to be extra careful when it comes to your accounts and funds, as even the most basic steps can make a world of difference in protecting it against unauthorized access.
Here are some additional ways to keep your funds and account secure:
Think before you click on a link, even if it looks like it comes from a reliable source at first glance. Phishing is one of the most prevalent online scams today, and falling victim to it may just be a matter of clicking a link that looks legitimate. Make sure to double-check the sender or the source without clicking the link provided. If in doubt, contact their customer support.
Always conduct your own due diligence when choosing your broker, your trading platform, and the asset or securities that you want to invest in.
Take time to do your own research on the potential of the investment you’re looking into.
Do not rely solely on the information provided to you.