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Home / Business / Dating apps have become a hotbed for scammers trying to trick investors into making risky trades

Dating apps have become a hotbed for scammers trying to trick investors into making risky trades



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  • Women get paid to use dating apps to lure male investors into trading highly leveraged trading, according to the Australian Financial Review.
  • Women receive commissions from brokers if they are able to convince traders to buy in "contracts for difference" or financial products are often utilized 200 to 500 times.
  • The Australian Securities and Investment Commission is working to ban the contracts along with other risky option products.
  • Visit the Markets Insider homepage for more stories.

Investors get deep into risky trades by women on dating apps and social media.

The Australian Financial Review reported that brokers spend more than $ 280 million a year on "introductory" commissions, which include women on messaging services and dating apps that reach out to traders.

Women get big commissions if they & # 39; could be able to convince traders to invest in "contracts of difference", which are very complicated financial products that are often exploited 200 to 500 times, according to the report.

Contracts of difference are an agreement between a buyer and seller that states that the seller must pay the buyer the difference between the present value of an asset and its value at the end of the contract. In case the difference is negative, the buyer is forced to pay instead of the seller.

Investors are also lured with free gifts including tablets and bonus credits to cover margin calls if the trader agrees to buy a certain number of contracts, the Australian Financial Review reported.

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Furthermore, the Australian Financial Review said that investors claim the female introductions approach them as wealthy investors who earned a fortune from trading contracts for differences. Women often offer trade recommendations and easy ways to set up accounts.

The Australian Securities and Investment Commission is working to prohibit contracts for differences and other risky option products. ASIC is also suing National Australia Banks for its "introductory program", claiming the company used hairdressers and gyms to lure borrowers to loans they couldn't afford to repay, according to the report.

ASIC also said that investors have lost close to $ 2 billion from an estimated $ 22 trillion contracted over the past year.

Proponents of the ban are encouraged by the regulator's shift to improve market transparency, while opponents say the problem lies in educating investors as opposed to changing the product, according to the Australian Financial Review.


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