An Ounce of Prevention

Add Singapore to the list of countries actively pursuing online binary options scams. That’s a significant development, since the small city-state is one of the world’s major commercial crossroads and hosts one of the world’s busiest ports.

The Monetary Authority of Singapore (MAS) reports that more than 40 Singapore residents have reported losses in excess of $1.7 million after being lured to take part in unregulated binary options trading. One of them lost $693,000 of that total. The smallest sum lost was $250.

Last month, MAS issued a formal warning regarding the risks of trading binary options, which called attention to the fact many offshore trading platforms are fraudulent and that such options are risky and speculative. Singapore police noted that one tactic employed by fraudulent sites, commonly reported in many other countries, is the offer of a bonus to entice victims to transfer more money to the providers. Investors, for example, victims may be promised an additional $250 in trading credit for every $1,000 they transfer to their online account.

Singapore authorities warn residents not to be lured by sophisticated binary trading web sites, spam or online ads with headlines like “The Secret to Making Fast Money” or feature interviews with instant millionaires who supposedly profited by participating in such scams.

“Do not transact with any parties, share personal particulars or send them any money if you are unsure,” stated a local police spokesman. “An ounce of prevention is worth a pound of cure.”

If you have sent money to these types of fraudulent online schemes and are looking for professional assistance in retrieving your funds, contact us at MyChargeBack.