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Tag: Trustly

German-speaking consumers attacked by WSXP broker scam

Illegal Broker Activities tamir -
The German-speaking market has always been very attractive for scam brokers. One of them is WSXP, which exclusively attacks German-speaking consumers. The WSXP white-label scam is an exact clone of other fraudulent trading platforms such as EUAktien, EUSchild, SimpleXP, or KryptoInv. They all operated with the very same set of payment facilitators. It is, therefore, reasonable to conclude that the same cybercrime organization is operating these broker scams. The German BaFin recently launched a probe into SimpleXP.

Attention! Investor warning against SimpleXP and related broker scams!

BaFin Ben -
The German regulator BaFin has announced investigations against the broker scam SimplexXP attacking German consumers. The content on the website justifies the assumption that SimpleXP is offering unauthorized banking transactions or financial services in Germany. The SimpleXP website is almost identical to the trading platforms under euaktien.de, euschild.de, wsxp.de, and kryptoinv.de, which are also operated without the required permission. It is, therefore, reasonable to conclude that the same cybercrime organization is operating these broke

Update on the CySEC-regulated FXORO broker scheme and its offshore activities!

CySEC tamir -
In June 2021, we reported that the offshore entity of the CySEC-regulated FXORO offers onboarding for European clients via its offshore entity in the Seychelles. We found that FXORO uses only one client database for the regulated and the offshore mutation. The latter accepts unlimited pre-KYC deposits via SEPA bank transfer to its account with the FCA-authorized payment institution SENTENIAL and Nuvei. We received some more information about the involved individuals and entities. Here is another update!

German BaFin warns against HandelXP broker scam

BaFin Ben -
Today the German regulator BaFin announced an investigation against the broker scam HandelXP (www.handelxp.de) and its operator. On the website, we did not find any information about the legal entity behind the scam and, of course, no information about persons. The scam is available in English and German and is apparently operated through boiler rooms in Belgrade. Deposits of victims are processed via the website Special Gift Cards (www.specialgiftcards.co.uk) and Trustly.

Investor Alert – Investors Center and Trading Academy 360 facilitate broker scams big style

Affiliate Scams Ben -
Scams are facilitated by fraudulent marketing campaigns and malicious payment processors. Take the Triton Capital Markets broker, for example. The scam, allegedly operated by Karello D Buro LLC, registered in St. Vincent and the Grenadines, has been warned against by the Austrian Financial Market Authority (FMA) on February 18, 2021 (report here). However, it has been facilitated by Investors Center, Trading Academy 360, and Praxis Cashier. Here are a few more details.

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