Be wary of ‘double your cash’ schemes in Dubai and Abu Dhabi
The lack of privacy on the internet has always been a cause of concern. However, something far worse has infiltrated the World Wide Web recently—if you’re caught in a ‘money flipping scam’, you could lose a lot of money and that too very fast. So what is a money flipping scam? Existing for quite some time now, money-flipping scams are scams where someone informs you that they know a way to double or triple your money. To make that happen, all you need to do is give ‘them’ your money. This goes without saying—once you give them your money, they make a run with it.
Ill-informed aspiring financial market traders are a group of people constantly targeted by ‘money-flipping scammers’. These individuals are soft targets for the aforementioned scammers. This is the reason they’re constantly bombarded with ‘double/triple your cash’ schemes. So why are the aforementioned people soft targets? Ill-informed aspiring traders enter the financial trading world with the intention of doubling or tripling their money. Additionally, they want this to happen fast. Unfortunately, they have little or no knowledge of how to ‘actually’ double or triple their money (if there ever was such a thing). All of the aforementioned factors make them the prime targets of money-flipping scammers.
Until a victim comes to them and trades, scammers will repeatedly infiltrate their target’s inbox or the World Wide Web with ‘double your money’ schemes. Once they’ve managed to gain the attention of their target, scammers will ask the individual their targeting to give them a small amount of money for trading so that they can ‘double’ the individual’s money. This is a big scam—once the scammer gets the money, it either runs away with the money or keeps manipulating the victim until ‘enough’ cash is generated. One country where this trend has been noticed of late is the United Arab Emirates (UAE).
While ‘double your cash’ frauds are happening all over the UAE, the majority of the victims are based in Dubai and Abu Dhabi. In the UAE, financial scammers are targeting amateur investors by offering to ‘double their money’ in FX trading. Unfortunately, the ‘double your cash’ schemes that exist today are nothing but fraud programs used to make loads of ‘illegal’ cash or pay returns to existing investors.
This is sad but true—many people in the UAE have fallen prey to the ‘double your money’ scammers. There has been a recent crackdown on the aforementioned scammers in the UAE. However, many of the scammers still remain at large—they’re still conning people and minting money out of them. An example of this is a scammer with offices in Dubai Media City.
The scammer promises more than 100% return on investments of less than $20,000. $ 20,000 is simply too low for trading. In fact, the minimum deposit is generally close to $100,000. Unfortunately, there are many similar scammers operating in Dubai and Abu Dhabi. Therefore, being wary of ‘double your cash’ schemes in Dubai and Abu Dhabi is extremely important.