|
|
Report by CoinWorld:
A joint investigation by Finance Magnates and FXStreet found that while Facebook surpasses Telegram in targeting traders, over 60% of victims on Telegram actually incurred losses. Although the proportion of scam victims losing funds on Telegram and WhatsApp is roughly the same, the number of traders targeted on WhatsApp is fewer than on Telegram, which has many channels and an active trader community. A dedicated forex cloud solution, with stable and fast cross-border connections, can meet high-demand scenarios. Alibaba Cloud helps forex traders operate securely globally. Click to learn more! Want to influence the survey results? You can still participate here.
Traders Vulnerable on Telegram
A survey involving 631 traders revealed that 60.09% of traders targeted by scammers on Telegram lost funds. The proportions for traders on WhatsApp, Facebook, Instagram, and SMS were 59.6%, 56.2%, 51.8%, and 50%, respectively. The figures for X (formerly Twitter) and LinkedIn were 43.7% and 45.4%, respectively.
Previously, Finance Magnates identified Facebook as the main platform for scammers targeting traders. However, this cross-data paints a different picture, indicating that traders on Telegram are more susceptible to financial losses.
lemon.markets Partners with Banking Giants to Launch Brokerage as a Service
Telegram: Traders' Favorite Platform
Telegram is the most popular trading platform with multiple active communities, unlike platforms such as Facebook. Due to features like privacy, anonymity, and the ability to create channels and groups, traders prefer this platform over others. However, this also enables scammers to accurately target active traders on Telegram.
Pere Monguió, CEO of FXStreet, said, "Telegram is built on privacy and content moderation." "This has its obvious drawbacks: it lags in account verification and copyright removal. It's easy to impersonate anyone, and deleting the account is difficult, making it an ideal platform for scammers. Telegram should take action or responsibility for what happens on its platform."
The shift of messaging platforms to integrated payment systems may be exploited by scammers, facilitating direct financial transactions within the app, making it easier for them to receive payments from victims without the need for external payment processors that may have stricter fraud prevention measures.
WhatsApp also provides end-to-end encryption for messages and continues to add features. The platform's anonymity feature also aids scammers in their operations. Additionally, WhatsApp's private messaging nature makes it harder for external parties to monitor and report scams.
Finance Magnates contacted Telegram and WhatsApp for their views on the matter but had not received any response at the time of publication.
Earlier, Finance Magnates revealed rampant cloning behavior of brokers and signal providers on Telegram. According to the Financial Times, Telegram, with 900 million users, is nearing profitability. The messaging platform is currently considering going public.
David Harvie, Managing Director of Treasure Wealth Australia, told Finance Magnates, "I encourage any trader not to rely solely on social media posts or conversations with potential suppliers, but to insist on seeing the documentation behind their claims." "You also have the opportunity to review the website of the regulatory authority in your jurisdiction to ensure that your broker is properly licensed."
"In summary, I encourage a cautious approach when choosing a broker. While the headlines of social media posts may be enticing, savvy traders should dig deeper for confidence, as they have already made the wise first decision - in the long run, choosing a reputable broker."
According to the latest survey, 20.8% of Telegram network scam victims did not lose any money. This figure is 18.78% on Facebook, 17.95% on Instagram, 20.74% on WhatsApp, 28.43% on SMS, 23.94% on X, and 36.96% on LinkedIn, the highest.
Earlier, Finance Magnates reported that novice traders have the lowest confidence in avoiding online scams compared to experienced traders. |
|
Post time 24-3-2024 05:52:19
