mBank warns against Forex / Crypto scams

Yesterday, mBank, which serves nearly 5 million clients in Poland, sent out notifications push-ups, warning against the actions of undercover fraudsters Forex market and cryptocurrencies. This very clearly shows the scale of the problem of scams that have been very active recently. The consequence is also the rapidly growing people affected and multi-million extortions.

Fraudsters on the attack, mBank warns

On the pages of the Forex Club we publish alerts on a regular basis about illegally operating entities from around the world, and we describe the stories of victims of fraudsters. However, it was impossible to get the impression that in recent months this problem had started to worsen, and the scammers themselves had become even more determined and active. Police Headquarters and FinCERT.pl (Bank Cyber ​​Security Center of the Polish Bank Association) together with mBank decided to publicize the problem.

In the mBank's announcement, we read:

Criminals persuade potential victims to invest money, promising high and quick profits without risk. They offer investment assistance, so we advise you to be very careful before deciding to allocate money for such a purpose.

Frauds are made by people who claim to be the so-called Investment "brokers" - employees of investment brokerage and advisory companies. These companies advertise their services on social media, websites and mobile applications. "

Is Forex a Scam?

Unfortunately, the activities of fraudsters have a very negative impact on the image of the entire industry and will certainly have an impact on the image of legally operating entities. In many cases, national regulators are insufficiently effective in placing fraudulent entities on their alert lists too late, and the police have limited ability to act when funds have been diverted by a foreign entity to the other side of the world. So what can we do? To educate, inform, make people aware.

Be sure to read: Forex scams - how to recover funds from a dishonest broker?

Commandments of "prudent Kowalski":

1. Never believe in "easy profit" in the financial or cryptocurrency markets. Every investment comes with risk.
2. Always check the legality of the entity before any registration, let alone making a payment. Check the opinions about it on Google, verify the contact and address details provided on the broker's website.
3. If someone calls you with a "great investment offer", always ask where they got your number. Responses "from the secretary", "from the database" are not responses.
4. Do not install any additional "hijacking" software (eg AnyDesk).
5. If the entity provides a license number on its website - verify its truthfulness on the website of the regulatory institution.
6. Do not be persuaded by "analysts" and "brokers" to enter into any transactions, either with their help or on your own.