Paying Fees To Withdraw — A Delightfully Deceitful Scam Tactic!!!

Dear readers, you need to watch out for advanced or withdrawal fee deceptions in online trading scams. It’s a delightfully deceitful tactic that’s increasingly becoming common among scammers. 

Before elaborating on how this fraudulent scheme works, I want to share that I received an email today from a victim of the BCHWorld scam broker. This person, who is based in Italy, ended up losing approximately 27,000 euros to the scammer within a week after falling for this delightfully deceitful tactic. How I wish he had found and read my post about BCHWorld in time. Oh, and by the way, you can find that post here. Here are the screenshots of our correspondence from today:

This is a textbook example of an advanced fee or withdrawal fee scam in the online investment realm.

Here’s How This Delightfully Deceitful Tactic Works

First, the scammer lures you into depositing money with the promise of high returns. Once you deposit money and start trading, the cyber criminal provides you with trading results showing that you’re making significant profits.

But when you attempt to withdraw the so-called profits, they suddenly impose unexpected fees in the name of government taxes, security deposits, VIP memberships, administrative costs, and all manner of deceptive charges as you can see in the email above. 

As you pay the charges, the scammer continues to demand additional payments under various pretexts. This pattern continues until you either run out of money or realize that you are being scammed.

Have You Lost Money Through The Advance Or Withdrawal Fee Deceptive Tactic?

If so, and you have evidence(e.g. proof of payment(s) and records of communication between you and the fraudster),  it’s not too late to report the criminal to your financial services regulator. By doing so, it puts you on the right track to recover your money.

Remember that many of these dubious entities, including the BCHWorld have defrauded lots of folks. Consequently, authorities are actively tracking them down. Normally, those who have been tracked down and apprehended successfully forfeit their funds and assets to the authorities.

It’s these recovered funds and assets that are used to compensate their victims. The compensation process usually becomes easier for cases that were reported earlier. 

To report a fraudulent broker, go to this page.  Alternatively, write to us at scamread@scamreader.info.

Final Thoughts

Advance or withdrawal fee deceptions have become fairly common in online trading scams. Knowing how to detect these deceptive tactics can save you from losing your money more than once to the same fraudster. Any broker that asks you to pay money to withdraw money is obviously a scammer, and you want to avoid them like the plague. Losing money once to a fraudster is one thing, but doing the same several times is quite another.  

FAQs

1. Should I ask the broker to close down my account and return my money if I realize that they are targeting me with an advanced or withdrawal fee scam?

Answer: The short answer is NO. Otherwise, doing so will only worsen things and make them paranoid and elusive. The best course of action is to fool them into believing that you intend to cooperate while working with the authorities behind the scenes to track them down.  

2. How long will it take to recover my money from a scammer?

Answer: Every case is different, so it’s difficult to give a specific timeframe. In my experience, some cases may take a few weeks to resolve whereas others may take up to several years to do the same. 

3. Pig butchering scam news is quite prevalent these days; what really is this scam about?

Answer: A pig butchering scam is basically any type of scam where the scammer makes efforts to gain your trust and then executes their evil mission against you thereafter. 

4. Will my scam recovery firm ask me to pay an upfront fee?

Answer:  Whether the firm will ask you to pay an upfront fee or not will depend on how complex your case is. Generally, a trustworthy scam recovery service will not ask you to pay an upfront fee if the case is simple and needs no significant resource input. The company will deduct its charges from the recovered funds. Usually, they take a very small percentage out of the successfully recovered funds.