What is Automated Trading?

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Scammers have the technology to hack into your emails and online trading accounts so they can pretend to be you, trade on your behalf and generate profit for themselves and large losses for you. Scammers steal your user name and password to access your online trading accounts directly. They may infect your computer with a virus to track your key strokes and obtain your passwords or they may buy user names and share trading software scams on the black market. The scammers use your compromised online stock trading account to buy and sell share trading software scams at an intentional loss - sometimes trading your account deep into debt.

The scammers then use a separate account to benefit from these loss-making trades. They may even correspond with your broker to create a background story to show why you need funds released for example, you are considering moving overseas, a family sickness, or a house purchase.

The email transfer request may even share trading software scams a fake letter of authorisation from you. Your broker may not phone you to confirm your instructions, having been deceived by previous stories of your change of circumstances. Warren has an online stock share trading software scams account. He usually trades once a year and hasn't changed his password since he opened the account 5 years ago. Shocked, Warren tells his broker that the trades were not made or authorised by him.

Warren asks the broker to freeze his account immediately and tries to negotiate with the broker to get his money back. He also notifies the police and ASIC of the scam. The broker works with authorities to investigate the unauthorised trades. Warren is waiting on an outcome. If you think you might have been targeted by an online stockbroking scam here is what you should do: Online stockbroking scams can be devastating. Keeping your anti-virus software up to date and changing your passwords regularly are the best ways to keep your investments secure.

Here we explain how online stockbroking scams work and how you can avoid them. Online trading hacking Scammers steal your user name and password to access your online trading accounts directly. Warren's online stockbroking account gets hacked Warren has share trading software scams online stock trading account. Quick links Unclaimed money Publications Financial advisers register Financial counselling Payday loans Unlicensed companies list Report a scam How to complain Other languages eNewsletter.

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Binary options involve predicting the movements of commodity, asset or index prices over a short time. If you agree, they direct you to a website with a login, account details and the trading platform. Once invested in the scheme, victims have reported that their money begins to disappear quickly. The scammer does everything they can to keep the victim in the program but inevitably they stop taking the victim's calls and, after a short period of time, it is common for the firms to disappear.

Do your research on the offer and the company. Don't agree to anything straight away. Skip to Content Skip to Sitemap. Enter a search term. Home News Don't be lured into binary options scams Listen.

Don't be lured into binary options scams 9 September How these scams work 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. 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 Consider any approach for investment offers carefully, especially if they are over the phone. Be suspicious of investment opportunities that promise a high return with little or no risk. Check ASIC's list of companies you should not deal with. If the company that called you is on the list - don't deal with them. However, if they do not appear on the list it doesn't mean they are legitimate.

Don't let anyone pressure you into making decisions about money or investments - get independent legal or financial advice. Carefully consider who you are giving personal information to, such as details from your passport or bank account, as this could be later used for identity theft. If you are looking to invest in binary options your best bet is to just say no and look for a safer, less risky investment.

Investment schemes Investment schemes involve getting you or your business to part with money on the promise of a questionable financial opportunity. Beware high risk, no reward investment scams. Consumers warned about property investment schemes. Queensland authorities seek to speak with victims of investment fraud scheme. Protect your retirement savings from investment scammers. TVI Express "money-making" venture.