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Computer Security No 20: Australians Fall Victims of the Binary Options Scam
Corporate Computer Security
Australians by the thousands fall victims to the Binary Options Scams
- Australians fall victims of the Binary options scam to the tune of $3m
- Scam of the week in US
Australians fall victims of the Binary options scam to the tune of $3m
Australians lost $3m this year alone to scammers that lure you with the opportunity to make money through asset price movement. Binary options involve predicting the movements of commodity, asset or index prices over a short time. Here’s how it works:
You receive a call out of the blue offering a secure investment with fast, high returns.
The scammers have professional looking websites to help them appear legitimate, usually with a login process, personalised account details and a trading platform.
The victim invests money into the account and either the victim or an agent attempts to guess whether a particular commodity price will go up or down over short intervals.
If you guess correctly, the account is credited with a small return. If you guess incorrectly, you lose the entire amount placed. The odds are stacked against you so it is very likely that you will lose over time.
When you attempt to withdraw money, you find it almost impossible to do so and often lose the entire investment.
Binary option scammers will also ask for personal information, claiming they need it to transfer money or that it is required for anti-money laundering purposes. Providing this information can leave you open to identity theft.
Protect yourself advice = Easiest is to check ASIC's list of companies you should NOT deal with.
To find out more, read the article: www.northernstar.com.au
Scam of the week in US
For many years, Google, Microsoft, Facebook and Twitter have sent warning emails to their users about possible security related events like "unusual sign-in activity"
The bad guys are now mimicking this; they send a phishing email requesting that users call a 1800 number where either the scammer picks up or the phone is queued for a fraudulent follow up call (you can listen to it if you click on the link below…just for fun).
To read the full article and to listen to the call please see the link: www.pinkhattech.com
Moderated by Monica Schlesinger: www.advisoryboardsgroup.com.au
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