These are the Signs You've Fallen Victim to Online Fraud - and Need to Take Legal Action

The problem with online scams, especially the kind that are related to trading and investment, is a core belief within most traders that it just can't possibly happen to them. Well, these crooks have become very sophisticated over their years in this shady business, making their modus operandi very hard to spot in time.

That is why we've gathered some of the methods we already know are used by online scammers, based on testimonies from those who have fallen victim to them. You should definitely be aware of these warning signs. Nevertheless, even if your money is already in the wrong hands, you can still take legal action - and yes, it is possible to track down the culprits and drag them to court.

Deposits

When initially opening an account with one of these sites, the first thing you are usually required to do is deposit money. At first, the site won't ask for huge sums. They define a minimum of a few hundred dollars and offer advantages in return (sort of like a membership). However, with time, the agency will call you and ask for larger sums, in order to keep trading.

It starts out with a few hundred dollars, but these ridiculous requests can reach tens of thousands of dollars in order to continue trading. If this has happened to you, you've managed to spot the thief at a very early stage. You probably haven't lost much money, therefore going to court won't help. We'd recommend filing a formal complaint anyway, in order to prevent the website from scamming anyone else.

Nothing is ever good enough, they'll just keep asking for more.

Withdrawals

These sites have very quick deposit policies. Using a credit card, you can add money to your account and start trading within minutes. The problems usually start when you want to take money out of your account. Then, they tell you there's something wrong with a form that you haven't filled out correctly, or some similar excuse.

Needless to say, you won't ever be able to fill out the form in a manner that satisfies the scammer. They will try to wear you out, hoping you'll give up at some point. In this case, threatening to take legal action against them probably won't do you any good, since they are not intimidated by these threats. Hiring a lawyer, and having your lawyer try and contact them, may do the trick and may even get you some of your money back without needing to go to court.

Availability

Here's a thumb rule - if your "broker" starts calling you dozens of times each day, trying to convince you to invest in one thing or another, it's a bad sign. A recent example of this pattern of behavior is a new Bitcoin fraud, where the broker calls you up and tells you about a new crypto coin that is going to skyrocket just like Bitcoin did. 

This is, of course, a big lie. By the time you realize it, you'll already have lost a huge sum of money, since that broker will keep calling and telling you to invest more and more. People who have had this happen to them, have reported shelling out hundreds of thousands of dollars over the matter, getting nothing in return.

Good luck trying to contact support on the phone.

And here is the other side of the (crypto) coin - when you need your broker, you can forget about them answering the phone. They used to call you incessantly, but when it's time to provide answers about failed investments, they disappear off the grid. Don't bother trying to contact them by email because they won't answer those either.

In this case, you may have a good chance of winning if you take the broker to court, once again depending on the amount of money lost. That's why it's important to record all phone calls with the broker and keep track of any written transaction. Don't throw away any paperwork, because it can come in handy in the legal battle - which is probably going to be a long and tiring one.

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