Daily fraud update: 5th June

Local Canadian regulator warns traders against forex broker

A regional regulator in Canada has warned against the use of a forex brokerage which it claims does not have the appropriate permissions to trade.

The Manitoba Securities Commission, which covers the province of Manitoba in central Canada and contains the city of Winnipeg, said that IFC Markets was not registered to offer securities trading in the province.

In a statement, the regulator gave more details about the firm – including where it was based and what it was alleged to have done.

“IFC Markets and www.ifcmarkets.com are not (and never have been) registered in Manitoba to engage in the business of trading securities or advising anyone with respect to investing in, buying, or selling securities,” it alleged.

“IFC Markets claims to be operating in the British Virgin Islands and Malaysia,” it said.

And it also provided advice to traders who wanted to protect themselves against forex fraud or similar problems – encouraging them to visit a Canada-wide website to verify registration details before trading.

“Visit www.recognizeinvestmentfraud.ca to see other investor warnings and check the registration of any person or company offering securities in Manitoba,” it added.

It filed the statement under the “Investor Cautions” section of its website rather than the “Investor Alerts” section.

The Manitoba Securities Commission has been busy in recent weeks.

Last month it issued a warning after a claim from a local resident that he had been scammed out of over $550,000 in an offshore forex trading scheme.

And it has also issued a number of warnings regarding the relationship between fraud and the coronavirus crisis – and adverts put out by scammers to that effect.

“The ads state that traders can keep a large percentage of the profits, and they don’t need experience or a licence,” it said.

“…however, the firms demand payment of fees from would-be traders, and the MSC believes neither the firms nor fees are legitimate,” it added.

Unusual anti-fraud use planned for blockchain

An unusual use of anti-fraud blockchain technology has been announced by a firm in Norway.

Kvarøy Arctic, which farms for salmon, has announced it will join IBM’s Food Trust.

This offering from IBM is a blockchain-based supply chain software package designed specifically for the food sector.

Kvarøy Arctic supplies a range of eateries, and it also provides stock for North American branches of the store Whole Foods.

Once the firm starts using the new service its customers will be able to check on and verify where the salmon comes from using a QR code.

And customers will be able to find out much more about the supply chain, such as the state of the habitats the salmon came from.

The CEO of Kvarøy Arctic, Alf-Gøran Knutsen, gave more details about the move – which has been hailed as a step in fighting “food fraud”.

“Blockchain is the future when it comes to ending fraud in the seafood industry,” he said.

“The technology tracks a level of detail that helps us reduce food waste so we can feed more people in the world,” he added.

Chris Lee

Share

Tweet

Safest Forex Brokers 2024

	Broker	Info	Best In	Customer Satisfaction Score
#1	73% of retail CFD accounts lose money. Founded: 2014	Global Forex & CFD Broker	Best Trading Conditions Visit broker	4.9
#2	Your capital is at risk Founded: 2014	Global Forex Broker	BEST SPREADS Visit broker	4.8
#3	Your capital is at risk Founded: 2006	Globally regulated broker	BEST CUSTOMER SUPPORT Visit broker	4.9
#4	81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008	Global CFD Provider	Best Trading App Visit broker	5
#5	Between 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010	Global Forex Broker	Low minimum deposit Visit broker	4.9
#6	76% of CFD traders lose money Founded: 2007	Global CFD & FX Broker	ALL-INCLUSIVE TRADING PLATFORM Visit broker	4.9
#7	Your capital is at risk Founded: 2009, 2015 and 2017	Global Forex Broker	Low minimum deposit Visit broker	5
#8	Your capital is at risk Founded: 2006	CFD and Cryptocurrency Broker	CFD and Cryptocurrency Visit broker

Forex Fraud Certified Brokers

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.