Social Media Scammers Are on the Rise
The Financial Conduct Authority (FCA) has sounded the alarm on a new wave of online investment fraud sweeping across platforms like Facebook, Instagram, and Twitter.
What the Ghosts Are Doing
- They’re pushing binary options, forex, and even cryptocurrencies such as Bitcoin.
- Promises of ball‑parking returns and free luxury treats convince folks that they’re striking gold.
It’s a clever trick: the scammers play “get rich quick,” but the reality is a steep financial hit.
Youngsters Are the New Targets
- People under 25 are six times more likely to fall for these offers than those over 55.
- Social media platforms act as the perfect conduit for these schemes.
The Numbers are Grim
Last year, the FCA reported that about £87,410 was lost every day in the UK to binary options scams. The shift is real; binary options have now become a regulated product, meaning investors must get official approval before playing this game.
What’s Next?
From January onward, only authorised deals will be allowed. The goal? To curb the number of people losing their hard‑earned cash to digital angels that aren’t angels at all.
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