Hello traders, I would like to know how does a broker contact a trader if they have a negative balance.?
Let’s say a scammer has my proof of identity.
Let’s say this scammer wants to open an account with my name and my address, then he put his own fake email and phone number, then bank in with his own bank card.
Then what happened if he blown up that account under my name? I guess I will be the one who got contacted but how? Mail according to my address?( one with photo identity)
Do you mean, how does a BROKER contact a RETAIL TRADER
or
How does a RETAIL TRADER (YOU), contact a BROKER
Are you trying to contact them or you want to know how they contact you
if you want to contact them
They should have a phone number, email address. on their site their should be a CHAT Option.
you can try that
if they want to contact you,
well. when you sign up you have to provide your number and email address (they are required by law to have it) so… they would contact you like that.
Ok, let’s assume they do[quote=“lockingkz, post:1, topic:125306”]
Let’s say this scammer wants to open an account with my name and my address, then he put his own fake email and phone number, then bank in with his own bank card.
[/quote]
First of all, some problems exist here
then i stole your drivers licence for arguments (Firstly you should report it stolen)
then i wanted to create an account with FXBROKER under your name and address - I COULD CERTAINLY DO THAT.
but THEN THIS IS THE PROBLEM
if i tried to create an account i need to provide the broker with an email address,
now since YOU used your email to begin with in the other account, THE BROKER WILL DETECT THIS
and will wonder why you are using another email
so… IT’S NOT THAT EASY
and if i was to put in my phone number (that would be stupid) because if an investigation was conducted, i’d be firetrucked. let’s hope the scammer is that stupid
now let’s say i used a prepaid mobile card with a disposable phone
ok, but…
None of this means anything unless THE ACCOUNT IS FUNDED
now. IF HE FUNDS THE ACCOUNT FROM HIS BANKCARD
THE BROKER WILL SEE IT AS SUSPICIOUS , because they can only accept 1 bank account per person,
so he probably can’t do it
Not to mention, EMAIL MUST BE VERIFIED WITH A VERIFICATION EMAIL
PHONE MUST BE VERIFIED
but… i could do that because i would have access to the emails
but then if i was to fund the account, WITH MY MONEY and then blew up the account
SO WHAT ?
IT’S NOT YOUR MONEY, why do you care ?
Newbies blow up accounts all the time
BROKERS DO NOT GIVE 2 CRAPS
ALSO HERE IS ANOTHER REASON WHY IT WOULD BE REALLY REALLY UNIVERSTALLY STUPID for a scammer to fund your account with their Card
if an investigation happens
You have
BANK ACCOUNT NUMBER and CARD NUMBER LOL
now let’s say he is stupid enough to put money i the account
well DO THIS
Broker will say
"give me your name, address, D.O.B. and email and phone number and i’ll send you a reset link"
hehe
then… Login with the Temp Password
Reset the Password on his Arse
BECAUSE YOU ARE IN CONTROL NOW OF BOTH ACCOUNTS
TRANSFER THE MONEY FROM HIS TRADING ACCOUNT TO YOUR TRADING ACCOUNT
then give him the Middle Finger hehe (for being that stupid)
DON’T FORGET TO THANK THE NICE SCAMMER FOR GIVING $500 FOR FREE BY THE WAY
AFTER ALL IT’S XMAS LMFAO
if there is ever any debate
you say this
"he was an aquaintance, we had an argument and he got hold of my details without me knowing"
THE LAW SAYS, if he deposits HIS MONEY into YOUR ACCOUNT (knowing that it’s your account)
HE WILLFULLY GIVES UP OWNERSHIP OF HIS MONEY TO YOU
The broker only cares that the RIGHTFUL OWNER OF THE ACCOUNT HAS ACCESS TO THE ACCOUNT
You can then Request that the broker shutdown the other trading account number (BECAUSE IT’S LEGALLY YOURS).
SO YEAH
let’s see if he is stupid enough to give you money for free
now if he blows up your account
that would be dumb
because he is throwing his money away
if an account blows up, NOTHING HAPPENS
it’s not like you owe the broker anything
it just means there are no funds in the account to trade with
the worst scenario would be IF YOU HAD YOUR MONEY IN THE ACCOUNT AND HE COULD GET IN
IN WHICH CASE
the broker would hold you responsible because you allowed your information to be compromised
all that would happen is… they wouldn’t reimburse you the money (and you could file a police report against him)
and the question would be, HOW MUCH MONEY DID YOU HAVE IN THERE TO BEGIN WITH
if it’s under $1,000 i wouldn’t stress too much
if it’s $10k or above, it’s a cause for concern
if it’s $100k or above it’s different
but again, the more you have, the more you should be aware
but if he puts money in, THAT’S STUPID hehe
in your case, I WOULD HOPE THAT HE DOES
then transfer the money and take the account from him and shut it down
report it to the broker
get a new id or licence and have THAT CARD NUMBER NOTED AS STOLEN… simple
now if he tries to call again
i would change all security questions and make the broker aware that IF HE CALLS AND USES THE OLD INFORMATION. TO BE VERY VERY CAUTIOUS
i would ask the broker to save in their records, the following
Speak to 1 person only (like a Manager)
Explain everything to him
and request a secret question and answer (outside of what is the Normal questions)
and only get the question from THAT MANAGER
so. if he goes in and doesn’t know to ASK FOR THAT MANAGER before answering the question
make the broker aware IT’S A SCAM
does this help
Okay I get it , but let’s take it this way.
A newly account created by this scammer.
He used my name and my address.
Then an email and a dumb phone number ,
Then they deposited the money with his own bank account.
He blown the account with negative balance.
Then here’s the problem, he could have disabled the bank card number just simply tell his bank he lost his card and a new one will be replaced ( new card number though same account number )
Then the phone number is not real and he disposed his email.
So the broker has no way to contact the account owner , which is his but under my name. The only thing the broker has is my address. So they can only contact me with my home address.
So he could just escape anything
UNless you have a specific problem here, I’d say the scammer has lost some money - “His own bank card” - The broker will have closed teh trade unless the scammer has deposited more money (Margin call - may have taken place - it may not) - Generally speaking brokers will Not allow an acoount to go below zero (in my belief - this is not a “Fact” just my belief ! )
Again to specific something, the proof of identity is a scanned identity, then I took a picture of that. But it’s still quite clear.
So even if I report that I lost that license. The details would still be the same.
And again… I won’t be knowing the broker name unless I got contacted. And I’m worried how do I get contacted if someone was using my identity.
Thanks for your precious time to reply my post
Struth, so some idiot is going to scam my identity to set up a forex account to lose money.
These people want only your money bro, they have no intention to lose it in markets.
Best you go take the medication your doctors supplied.
Nice post bob! Made me laugh out loud.
@Falstaff
i actually understood it as a fact (now maybe i’m wrong) but i was under the understanding that a broker will not UNDER ANY CIRCUMSTANCES allow a trader to owe them money.
that’s my understanding
In theory, you are right. Retail MT4 (not sure about other platforms) brokers usually say that they have negative balance protection and stuff. But in reality when market gaps your account can slip into the negative territory. It happens at the market open or when something BIG impacts the market. Remember what happened to the Swiss franc a couple of years ago? That’s how Alpari UK filed for bankruptcy:).
So yeah, your account can turn negative. Brokers usually would absorb the losses and zero out your account.
As far as the topic starter is concerned, are you looking for potential vulnerabilities in some broker and want to exploit them somehow? LOL
ok, Everything you said BEFORE THIS QUOTE simply means he is funding your account.
who cares ?.. LET HIM
now. with regard to this quote
This is now a problem relating to your BANK not your trading account
you said HE COULD HAVE disabled the Bank Card Number
WELL… DID HE ? or did he not
What he COULD HAVE DONE is irrelevant if he did not do it ?
of course, take it on board, but… as it stands, if he didn’t do it, he didn’t do it.
LET ME ADDRESS SOME OF YOUR ISSUES
Disable Bank Card Number - NO PROBLEM, call the bank and tell them to issue you a new card and Lock the old one.
if he ordered a new card THE BANK HAS LIABILITY (you have 30 days to advise the bank that your identity
was stolen, (if you do, your money is federally insured) if you don’t, it’s your fault for leaving it too long.
you can always go into a branch personally and withdraw all your money and open a new account number
and put the money in the new account and tell the bank to shut the old account
they have records of your signature, YOU CAN PROVE THAT YOU CAN SIGN YOUR SIGNATURE he can’t,
even if he tries to forge it, there are always differences
Re the Broker contacting you - Why don’t you just contact the broker instead.
Also, THEY DO HAVE A WAY - You said PHYSICAL ADDRESS
Escaping Anything
He can’t ESCAPE ANYTHING, (i’m an I.T. Engineer) Listen mate, WE LIVE IN A DIGITAL WORLD, ok.
if he is transacting money, IT’S TRACEABLE , i promise you
if he stands in front of an ATM to withdraw your funds THEY WILL HAVE A PHOTO OF HIM
But, this doesn’t add up
(Please allow that you might be freaking out a little and inventing something that doesn’t exist)
Look. LOGICALLY
if he took your details… THERE IS A REASON
if i stole your information
LOGICALLY
What did he steal
Name, Address, Possibly Your Trading Account Number and Login (maybe, or maybe just logged in with your email
Let’s look at what you can do here
Name - On it’s own, NOT MUCH REALLY, maybe if you sweet talk someone you can get something small
Address - on it’s own, not much, with your name, ummm… yeah. maybe, but not really anything, because
Most verification needs your D.O.B. and companies these days are asking for secret security questions as well
Trading Account Number or email - i would be asking HOW HE GOT THESE DETAILS in the first place ( but i won’t go off topic)
Mate, the other question is WHY IS HE DOING THIS TO YOU SPECIFICALLY
do you know this guy
if you do - THAT WOULD MAKE SENSE, and maybe you pissed him off somehow
in which case, YOU KNOW WHO HE IS
if you don’t know him, IT’S NOT PERSONAL
Meaning, he wants your information to take your money,
he’s not going to stuff around on a trading platform and try and figure out
NO WAY… Unless he is dumber than a flat earther who doesn’t believe in gravity, then… NO WAY
and if he is, then he’ll be easy to catch
Mate, i reckon
Report it to the Bank
Report it to the Police
Report it to the Broker
Get a New Card
Get a New Account
Request a new Live Account from your broker and transfer all the funds into it
he’s after your money,
if you take the money away and dry the accounts out, HE GOES AWAY, Why would he hang around ?
if he knows you’re doing this, HE KNOWS THAT PEOPLE ARE LOOKING FOR HIM
HE’S GONNA LEAVE
You’re not taking part in the market anyway with a retail broker, and your certainly not trading, no trade ever takes place - 99% of the time. You’re just placing a bet with your broker. This is why most decent retail ‘brokers’ offer negative account protection.
I think you might have misunderstood about my statement.
First of all , I could be just being paranoid but I’m thinking if just in case if it happens.
So let me get the story, he recommended me this broker, which he said he is working with. He said he could give me bonus if I deposited, which I did but I have to send him my identity proof and bank details.
And we are on Facebook… I know I’m being very dumb but I sent those on fb, of course I wanted to cross the lines to make sure it’s only for the broker purposes. But this error will occur if you rotate your camera and took a picture, then after you drawn it and you make it portrait, the place you drawn will be misplaced. And that’s how it revealed all my identity.
So after deposited and sent the details. He didn’t reply me and finally blocked me. So I knew it’s a scam. But I cancelled the bank card on the same day I deposited by the way. so I asked one of my friend to message him to see if he will reply him ( to confirm if he blocked me or deactivated Facebook ) and he did reply and say he’s gonna quit trading and he has his family problem who’s sick or whatever.
So I knew it’s a scam. Reported to the broker and no replies. Pretty sure the broker is a scammer too. And let’s say if he really wants to ruin my life. By become an identity theft.
He could use my proof of identity to open a new live trading account , too much brokers so I won’t be knowing what broker he is going to use.
So when he successfully verified the account, he deposited the account under my name but created by him via his own bank account.
with a fake email which created just for this scamming purpose, a phone number as well. But address and name is under my NAME.
So he blew up this account and left it with negative balance. He ran away. The broker ( which I won’t be knowing which he will be using ) has no way to contact him but only an address which is MY address. And this is where I’m worried … the broker will contact me and I will be the one who’s gonna face the problem.
I’m a foreign student in Japan right now… I have no idea how do I make a report when it’s nothing related to Japan…
Reported to broker but I did not get any replies so I can confirm that broker is a scam too.
Is this something which HAS happened ?
Or something you are scared could happen ?
Students are often used as money laundering “mules” I believe is the term - This sounds serious - If it is real !
Again, IF this is real, Go to your bank - get all the money out of your account and close the account. Do it now - Do not wait “until tomorrow”
If you can’t do that - transfer all of the money to another place Now and close the account.
Your “Broker account” is not the problem in my opinion, your bank account IS the place they are likely to attack.
It sounds as though you are vulnerable and need to take action now - Again this is my opinion only and I am neither an expert, not in possession of all the facts - but this is the course of action I would take.
It hasn’t happened yet, this is what I assumed after he got my info and blocked me
oh, ok
thanks for clarifying
first of all
this part…
i really don’t understand what you were trying to say with the camera rotation, but … i don’t think it matters.
as for the rest of it
I THINK YOUR MAIN CONCERN IS … What if he goes to another broker and opens a trading account and deposits money and blows up the account
NOTHING…
HE WOULDN’T DO THAT
if he blows up the account, There is no money owing,
you may as well have said, what if he goes to a casino and opens a gaming account under your name and takes the money to a blackjack table and blows it all
NOTHING HAPPENS, when you lose it all, you lose it all, BUT IT’S HIS MONEY
as for you details
Bank Details
Licence Details
it’s Normal to give a broker your identity details and banking details
Bank Details… So what
if a person has your bank details they can only deposit money into your account, Not affect your account.
it sounds like you’ve done all the right things
i wouldn’t worry if i was you
I have research around the internet , if you have a driving license to proof your identity with your address , you can open an account.
I understand , but I’m worried he purposely went and open a live account from scam brokers. Then that broker doesn’t cover up a NBP ( negative balance protection) then I will be the one contacted because they have my address , and others informations such as phone number and email are fake.
Also. That person might be lying to me that he is working for that broker. But I don’t know, too little information I can find about him.
I should try and relax else I am going to overthink and end up depression.
So why would the “scammer” and the broker both refuse to communicate ?
He is part way to being recognised as you - I would empty and close that bank account.
He has licence details, adress and bank details - he has established a different phone number and a different bank - How hard is it to fake a couple of “utility bills” ?
Ok - so take @anon81929759 's professional advice - no skin off my nose. 
Do let us know how it pans out !
[Edit - Just because you’re paranoid - it doesn’t mean they are not out to get you ]
Mate i understand
I’m the sort of person that likes to consider THE WORST CASE SCENARIO
so let’s do that (and don’t freak out… ok)
this is WORST CASE
but it’s also HIGHLY UNLIKELY
now. let’s say he opens a trading account with a DODGY BROKER
that’s your first point, he’s a SCAM BROKER
and let’s say that you have a negative balance of $1 Million dollars
well. YOU CAN’T PAY IT, simple as that
so, YOU CAN FILE FOR BANKRUPTCY
Now. humour me for a moment ok
WHEN YOU FILE FOR BANKRUPTCY , they will ask “Who are you filing against” and they will ask why you can’t pay.
you will then tell the company handling your bankruptcy what happened
THEY WILL THEN INVESTIGATE hehe
and that broker will be in a lot of trouble.
because Financial institutions HAVE A RESPONSIBLITY TO ENSURE THAT A PERSON CAN PAY A DEBT
without causing catastrophic effects in their life
so, THAT WON’T HAPPEN
now let’s say its a smaller amount like $100 k
well. if the DODGY BROKER is chasing you for $100k ,
Step 1. Tell them honestly, my identity go stolen (They can’t then chase you for the money)
OTHER THINGS THE BROKER CAN DO IS THIS
They can look at your trading history
they will look at your patterns
so let’s say you started trading with $1,000 and you were using LOT SIZES like 0.05 0.03 and at times you got cocky and used 0.2 lots maximum
and now, Your account goes into negative and the lot sizes are like 10.0 lots 5.0 lots
WELL THAT DOESN’T MAKE SENSE
IT’S NOT CONSISTANT WITH YOUR HABITS
this will be easy to prove
now, if it’s another broker that you have the debt with
you can just say to that broker, Look, i’m with this broker and i can send you my DETAILED REPORT so you can see what my trading habits are like
SIMPLE
now the broker can do 2 things
BECAUSE ANY LEGAL ACTION OR DEBT COLLECTION MUST ABIDE BY LAWS OF THE LAND
if they send your debt to a third party collections agent
THAT AGENT WILL COMPLY WITH THE LAWS
IF YOU TELL THEM WHAT HAPPENED, THEY CANNOT PROCEED WITH THE DEBT COLLECTION
BECAUSE THEY HAVE AN OBLIGATION TO NOT DO BUSINESS WITH COMPANIES THAT DO NOT FOLLOW THE RULES OF THE LAW…IT’S ILLEGAL
but i would recommend going to the police and filing a police report
so that you have proof that you had concerns about identity theft and LET’S BE HONEST
what you are doing here IS SHOWING GENUINE CONCERN
you can screenshot this entire conversation
and THIS WILL PROVE
YOUR INTENTION WAS GENUINE AND HONEST
YOU ARE GENUINELY FEARFUL OF WHAT MAY HAPPEN
YOU ARE GENUINELY CONCERNED
all this can be used as evidence
and its’ easy enough for anyone (including a judge) to log on here and go the this section and look at the history of the covnersation
MATE, YOU’LL BE OK… ALRIGHT
YOUR WORST CASE SCENARIO IS BANKRUPTCY
if it happens
it means you won’t have to pay the debt but you can’t apply for credit for 9 years
now… THEY SAY 3 Years
TRUST ME, on paper it’s 3
IN THE REAL WORLD, No one will touch you for a min of 7 years, but usually 9 - 10
but THAT’S VERY UNLIKELY IN YOUR SITUATION
TRY AND RELAX OK
FILE A POLICE REPORT FOR EVIDENCE