Exclusive: FXPRIMUS Takes Down "Turkish Fraudulent Trading Network"

by Jared Kirui
  • The company's monitoring systems revealed the use of shared IP addresses and devices by the network.
  • FXPRIMUS has outlined remedial measures, including recovering profits.
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FXPRIMUS has uncovered and dismantled a fraudulent trading network from Turkey. In a statement sent to Finance Magnates, the Chairman of FXPRIMUS, Costas Georgiades, shared the details of the discovery and the subsequent actions taken.

FXPRIMUS used its monitoring systems and compliance protocols to uncover the fraudulent scheme. The network employed tactics, including the misuse of shared IP addresses and devices. These tactics aimed to manipulate trading activities and take advantage of the company's bonus scheme.

Despite the network's complex operations, FXPRIMUS's analytical tools enabled the identification of irregularities and immediate response, preventing further exploitation. Addressing negative publicity, Georgiades has reaffirmed FXPRIMUS' commitment to maintaining the trust it has built with its clients over the years.

FXPRIMUS' Battle against Financial Fraud

The investigation report signed by Georgiades stated: "The seriousness of this event cannot be overstated; the actions of these individuals not only contravene our stringent operational protocols but also constitute a direct affront to the principles of fair and equitable market conduct."

"These entities utilized their own affiliate links to introduce our services within their network. It is imperative to note that our online trading facility, encompassing our website, trading platforms, and other digital interfaces, strictly comply with international standards."

According to FXPRIMUS, this incident serves as a reminder of the ever-evolving nature of financial fraud and the need for constant vigilance and innovation in security measures. In response to the deceit, the firm has initiated an internal investigation.

Measures to Address Fraudulent Activities

FXPRIMUS has outlined a series of remedial actions aimed at addressing fraudulent activities and holding those involved accountable. These measures include recovery of illicit profits, cancellation of commissions, and freezing of the accounts involved in the deception.

The company said that any profits acquired through illegitimate actions will be promptly retracted. In cases where commissions were earned in connection with the scam, FXPRIMUS will nullify those commissions.

Additionally, for individuals or entities found to be involved in fraudulent activities, FXPRIMUS has imposed a permanent ban from participating in any of its bonus schemes. The company will freeze all funding and trading in accounts implicated in fraudulent activities.

FXPRIMUS has uncovered and dismantled a fraudulent trading network from Turkey. In a statement sent to Finance Magnates, the Chairman of FXPRIMUS, Costas Georgiades, shared the details of the discovery and the subsequent actions taken.

FXPRIMUS used its monitoring systems and compliance protocols to uncover the fraudulent scheme. The network employed tactics, including the misuse of shared IP addresses and devices. These tactics aimed to manipulate trading activities and take advantage of the company's bonus scheme.

Despite the network's complex operations, FXPRIMUS's analytical tools enabled the identification of irregularities and immediate response, preventing further exploitation. Addressing negative publicity, Georgiades has reaffirmed FXPRIMUS' commitment to maintaining the trust it has built with its clients over the years.

FXPRIMUS' Battle against Financial Fraud

The investigation report signed by Georgiades stated: "The seriousness of this event cannot be overstated; the actions of these individuals not only contravene our stringent operational protocols but also constitute a direct affront to the principles of fair and equitable market conduct."

"These entities utilized their own affiliate links to introduce our services within their network. It is imperative to note that our online trading facility, encompassing our website, trading platforms, and other digital interfaces, strictly comply with international standards."

According to FXPRIMUS, this incident serves as a reminder of the ever-evolving nature of financial fraud and the need for constant vigilance and innovation in security measures. In response to the deceit, the firm has initiated an internal investigation.

Measures to Address Fraudulent Activities

FXPRIMUS has outlined a series of remedial actions aimed at addressing fraudulent activities and holding those involved accountable. These measures include recovery of illicit profits, cancellation of commissions, and freezing of the accounts involved in the deception.

The company said that any profits acquired through illegitimate actions will be promptly retracted. In cases where commissions were earned in connection with the scam, FXPRIMUS will nullify those commissions.

Additionally, for individuals or entities found to be involved in fraudulent activities, FXPRIMUS has imposed a permanent ban from participating in any of its bonus schemes. The company will freeze all funding and trading in accounts implicated in fraudulent activities.

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