Suspect you've been scammed? This anti-fraud guide is a must-save!


As global crackdowns on telecom fraud intensify, the number of victims has been gradually decreasing. If you or someone you know still falls for scams, save this article. It might help recover losses at a critical moment!

If you have unfortunately been scammed, take action quickly:

  1. Do not send any more money to the scammer. Immediately block all contact with the scammer.
  2. Contact your bank or financial institution immediately to report the fraud and request them to stop any transactions.
  3. Warn your family and friends so they can be aware of potential follow-up scams.

If you have already sent money to the scammer:

  • Credit/Debit card - Contact your issuing bank immediately to report the situation and request them to stop any transactions.
  • Wire transfer - Report to the company or bank you used for the wire transfer.
  • Payment app - Report the fraud to the app developer (developers, not the app store).
  • Cryptocurrency - Report to the exchange or wallet developer you used for the transaction.
  • Cash - If you sent cash via mail or courier service, contact the local postal or courier service to see if the parcel can be intercepted.
  • Unauthorized transfers - If the scammer has transferred money without your approval, immediately report to your bank. Ask them to freeze your account and transactions.

If the scammer has obtained your personal information:

For example, if your personal details (such as name, phone, email, address, identification documents) have been compromised. Here are the steps to take:

  • Report the data breach to relevant financial institutions - Let your bank, legitimate investment firms, and other financial service providers know about the situation.
  • Create a new complex password - Ensure you have not used this password before. If you used the compromised password elsewhere, update it synchronously.
  • Be wary of suspicious contacts - Look out for suspicious emails, phone calls, text messages, or social media messages. Block or do not respond to anyone you do not recognize. Do not click on any links.
  • Monitor your bank account - Keep a close watch on your bank account to prevent unauthorized transactions.
  • Monitor your credit report - Request a temporary freeze on your credit report to ensure there are no unauthorized loans or credit applications.

If the scammer has accessed your electronic devices, such as computers or phones:

Scammers will pretend to be your internet or telecom provider. They claim you have a technical issue and request access to your device. Then they install viruses to steal your passwords and financial information. Here are the steps to take:

  • If they accessed your computer - Update your security software and scan for viruses. Remove any content identified as an issue and reset passwords.
  • If they accessed your phone or phone account - Report to your telecom provider. Update your security software and scan for viruses. Change passwords or PINs, block scam calls, or consider changing your phone number.

You can also seek professional IT specialists to personally inspect your devices.

Beware of secondary scams:

If you have already fallen victim to a scam, you might still be targeted by secondary scams. If someone:

  • Claims that by paying them a small fee, they can help you recover your losses,
  • Tells you to keep investing, trying to convince you that your investments will soon appreciate
  • Proposes to buy your financial assets at a premium, but requires you to pay a fee to lift "restrictions" on the stocks
  • Asks you to pay for fake financial certificates
  • Third-party organizations claim they can help you claim your rights and recover losses
  • Claim they can charge a commission based on the percentage of recovery losses
  • Ask you to pay for travel and accommodation expenses to find the scammer and investigate who took your money

All these are methods by which scammers exploit the victim's vulnerable psychology to perpetrate secondary scams. Do not believe any individual or organization making similar promises to you.

Trade Encyclopedia reminds everyone again, do not believe in any no-risk, high-return investment, and beware of falling into telecommunication fraud traps

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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Pig Butchering Scam

The 'Pig Butchering Scam' is a type of financial fraud that originated in Southeast Asia, but has now become prevalent globally. The name stems from the scammers' method of dealing with their victims: similar to raising pigs, they first 'fatten' them by building trust, and then 'slaughter' them by swindling away all their money.

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