Is my MIL being scammed?

[lectureyou]

Hi all! I’m hoping someone can help me, since I’m ignorant on this topic. Last week I was on holiday with my hubby and my in-laws. Once we arrived at our destination, my MIL excused herself and said that she just has to do something on her laptop. She excitedly explained that she has started trading in forex, and that someone is helping and advising her. She proudly said that she made R900 in 2 days so far thanks to his advice. She said that he WhatsApp’s her when she should make a trade (or something like that?). I was immediately suspicious and asked her what the person advising her gets out of it, and she said that she doesn’t know, because she’s not paying him to do it. This sounded super dodgy but the conversation moved on and I decided to talk to my husband about it later. I did, and he seemed to thing his parents, who are highly educated people, wouldn’t fall for a scam. I decided to mind my own business. My MIL continued to receive WhatsApp’s and make trades throughout the week. I don’t know how she met this person, whether he contacted her or she found him, or any more details, but I can’t stop thinking about it. I did some Googling and it sounds like a signal scam but I don’t understand what the scammer would be getting out of it. Is there anyone who can confirm if there is any possibility that this would be a legit thing? It just seems wildly scammy to me and I don’t want my MIL to lose money but I also don’t want to make a fuss over something I know nothing about.

 

[leah329]

@lectureyou Sounds like a scam, yeah. It's quite likely that she's trading on a fake forex platform and the scammer already made the money she put in. Now he's just playing the long con to get her to put more money in.

 

[gracebute]

@leah329 She needs to try withdraw her money, if this leads to immediate resistance from the scammer then its a scam in all likelihood.

 

[goldenrule636]

@leah329 Exactly this. Let her try withdraw her money.

 

[ruien2]

@lectureyou So buying signals is a thing in the Forex and Crypto day trading scene. Often they start out as a free WhatsApp groups but often require (or encourage) paying for a premium option once you’ve made some money off them.

I’d also ask your MIL some info under the guise of wanting to learn how to make some money yourself. Find out which platform and broker she’s using. Once you know that you can work out exactly what she’s got herself into.

During times of economic downturn scams are on the rise. Question everything.

 

[rma0323]

@ruien2 This is the way.

It's definitely a scam. No one who has earned money investing has ever done it in this way, or told a story that sounds like that.

 

[lectureyou]

@ruien2 Thanks, this is great advice. I think I have to have a serious talk with the hubby today so we can get some more info from MIL. I’m not that close to her so it would be weird coming from me. I don’t understand how he isn’t more worried, my alarm bells are deafening.

 

[lovewithoutforgiveness]

@lectureyou Yes she is being scammed. Consider all money lost and tell her not to put in anything more.