Apple & Google Take Down Over 300 Scamming Financial Trading Apps

To prevent users from getting scammed by apps, Apple and Google take removed more than 300 fiscal trading apps from their respective app stores. The move comes after an investigation washed by a newspaper and review by securities & investment trunk suggesting that thousands of users being scammed by these apps - more often than not senior citizens. Reportedly, some of these users besides lost their life savings.

A report from The Independent states that scams reported to British police reveal the major scale at which these scams are operating. The main scam is existence washed in the proper name of 'binary options' trading.

Written report by The Contained notes:

Binary options platforms encourage investors to make obviously simple bets on whether shares or currencies volition rise or autumn in value over time. Many such platforms are legitimate, but an increasing number have been popping upward across Australia, the United kingdom of great britain and northern ireland and elsewhere that are fraudulent.

Near of the victims were urged to make hefty payments upwardly front end from their pension funds to invest in the financial trading apps.

Hither is a personal account of one of the scamming victims, Elizabeth Ablett :

Elizabeth Ablett from Derbyshire said that she signed up to a platform caller Binary Uno in December 2016. The 70-year-former's husband had died the previous year and she didn't have a pension big enough to alive on.

Ms Ablett said that she initially invested £200 with the company, but that individuals who described themselves to her as "brokers" convinced her to up her stakes, telling her she was trading on the operation of gold and stocks.

By the finish of March, she said, she had invested a full equivalent to almost £xl,000, nearly her unabridged life savings. The following month, she said, her online business relationship residue was shown to have slipped to null. She said that nobody at BinaryUno answered her calls.

An intervention by the Australian Securities and Investments Committee (ASIC) follows the determination of apps removal by Apple tree and Google.

ASIC said it had conducted a sweeping review of mobile app stores focusing on those associated with so-called binary options trading. It said that the review highlighted over 330 apps that were offered past entities and individuals that appeared to exist unlicensed.

Among all the scamming apps, most were found actively engaging in misleading users to take meaning risks in greed of making high profits. Around 80% of these apps did not even provide legally-requisite warnings regarding the risks. Others were establish to be entirely deceitful, with an bodily mode to earn profits or fifty-fifty recover the amount invested past the users.

Australian Securities and Investments Commission (ASIC) too said that it is delighted by the footstep at which both Apple and Google took action and removed the scamming apps.

Nigh of these fraudulent apps are run by the companies in the foreign countries. Surprisingly, regulatory authorities are often helpless to keep a tab on such apps. A lawyer who is trying to help the victims in recovering their coin lost in the scam. The just way to help the victims is to freeze the accounts of the scamming companies and also false binary options.

Apple and Google have washed a laudable in removing such apps from their app stores. We would similar to advise our users to stay away from fiscal trading apps equally most of them are made with the motive to scam users.