FCA: Brits lose GBP 87 000 to binary options scams per day

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Brits lose an average of GBP 87 000 a day to binary options scams , said UK’s financial services watchdog the Financial Conduct Authority (FCA) in its latest advisory.
In the publication the FCA urges the public to be vigilant to the threat of online investment fraud. The watchdog warns that fraudsters offering investments in binary options, contracts for difference (CFDs), forex and cryptocurrencies (such as Bitcoin) often promote themselves online and via social media channels, such as Facebook, Instagram and Twitter. They promise high returns and use images of luxurious items like expensive watches and cars and yachts to lure the people to put money in the scam.
After that, they usually distort prices on their website or refuse to return the clients’ funds using all sorts of excuses and citing impossible withdrawal conditions or simply shut down the client’s account and disappear with the money.


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