Fraudsters Target FXOpen Customers with Fake Email Addresses

A new form of fraud appears to be affecting the brokerage industry. This Friday, FXOpen, a retail and institutional FX broker, announced that scam artists have been trying to trick customers with fraudulent emails.

By and large, customers face problems when they use unregulated brokers, who most of them time will just steal their money. Many of these firms also lie about their credentials and display phoney addresses, fake phone numbers and forged regulatory licenses.

This week Finance Magnates also reported on some binary options scams that have been ramping up recently. These fraudsters claim that they will be able to help people, who have been scammed by binary options brokers, to get their cash back.

The warning issued by FXOpen this Friday is slightly different. It appears that fraudsters have been setting up fake email accounts and sending messages to the broker’s clients demanding that they pay commission and service fees.

FXOpen - no added fees

In its warning, FXOpen noted that it does not charge the fees that the fraudsters are asking for. It added that any fees it charges are clearly stated on its website and that it does not charge any fees outside of those listed there.

The broker also stated that clients should check the email address of those sending communications on behalf of the company. According to FXOpen, the firm only uses the email addresses '@fxopen.com' and '@fxopenasia.com'.

FXOpen did not specify if the fraudsters had attempted to trick people into providing them with their log-in details. It did note, however, that registration for clients is only available through the broker’s official website.

In closing, the firm appealed to clients, telling them to contact customer support if they doubted the veracity of any communications received from the broker.

Given the stick brokers often receive for not respecting their customers, this warning should be praised. “Kudos to FXOpen” says this author.