Beware of scammers

This story is sponsored

Any area of human activity related to money attracts dishonest people, and trading is no exception. “I will double your investments! Send me $100, I will give you $200 back!” You have probably seen these types of claims on Facebook, Instagram, and other social media.

Don’t worry, Binomo has got you covered when it comes to scammers who offer tons of money for nothing. Forewarned is forearmed, so here’s our guide for you on how to protect yourself against scammers.

Typical methods of scamming

Scammers usually use social engineering methods to manipulate and trick users and force them to make mistakes and give away sensitive information.

One of the most popular ways is when they contact people on social media posing as an official Binomo agent. The scammer persuades the victim to invest by sending funds directly to a specific account.

Another popular method is to create the feeling of easy-to-earn money. The scammer offers to manage your trading portfolio to double or even triple your account balance. In their messages, they like to use such phrases as:

  • Double your money
  • Profit without risk
  • Free money   
  • Free giveaway
  • Guaranteed returns

Scammers are getting more and more creative, so you have to be very careful not to become victim to their tricks. If you see something like this, ignore it and report it to our support team.

How to avoid being scammed

Follow these basic security rules to stay safe when trading. There is nothing ground-breaking here; they are based on the most common situations you may encounter:

  • Never send money to people you don’t know who contact you via Twitter, Telegram, Instagram, etc.      
  • Don’t give your account credentials to people who offer to trade or invest for you.
  • Ignore offers to increase your returns, double your balance, etcetera. Easy money has never been a reality in trading. It always requires time and work.                       
  • Use different passwords for your trading account and email. If a hacker breaks into your email, you may lose all of your personal data across your other accounts, too. Set up two-factor authentication on your email for extra security.

How Binomo protects you

Binomo regularly blocks fake accounts.
Binomo takes preventive measures by blocking the pages of scammers. We use special software to search for fake Binomo accounts and report them to social media administrators.

Account Confidentiality

All the information and credentials of Binomo clients is confidential. The Binomo team will never request access to your account to trade or ask for money to make a deposit in your account.

Proof of Identity
In the event of any suspicious activity, Binomo can require verification of your identity. Accordingly, withdrawals of funds will be limited until the procedure is complete. This helps protect both the clients and the company itself against scammers.

If someone contacts you claiming to be a representative of Binomo and asks you to send them money, please write to the Binomo support team. You can send an email to [email protected] or contact them directly on the platform.

About Mail & Guardian Sponsored Stories

The Mail & Guardian’s sponsored stories are produced in association with paying partners. We work closely with our partners to ensure all stories meet our standards of editorial quality, and offer information of value to readers.

If you would like to speak to our team, please contact us at this email address.

Related stories


Today's top stories

IMF launches interactive climate dashboard

South Africa’s climate change transition risk is 5.6 on a scale of one to 10, with 10 being the highest

Resuscitate the public broadcaster

The SABC is simply too important to South Africa’s democracy for it to be gutted: we cannot allow it to die

Climate change threatens survival of endemic species the most

If Earth warms by 3°C, a third of species living on land and about half of endemic marine species will become extinct

Anger as Ace alters step-aside rules

Outraged provincial secretaries called for a meeting with Luthuli House after the ANC secretary general broadened the NEC’s step-aside resolution

Food delivery drivers seek better employee rights

A group of South African Uber drivers plan to go to court to seek employee rights including compensation for overtime and holiday pay, hoping for a similar victory to that of British drivers in March

press releases

Loading latest Press Releases…