Protect yourself online
Check our basic tips to help you to protect yourself, check fraud scams that you should be aware of, and see an outline of what you should expect from us as a company.
Be scam aware
Be alert for online fraudsters who are offering victims the chance to “get rich fast” by trading in financial markets.
How a typical scam works:
- Individuals set up social media accounts and include screenshots of trading, cash and try to convince followers that they are established and successful traders of financial instruments
- The fraudsters may purport to work for regulated firms
- Victims will approach the fraudster, or vice-versa, to enquire about trading through them
- The fraudster will ask you to make payment into an account name which doesn’t match the company they purport to represent, providing false assurances that your money is safe
- In a few days the fraudster will follow up to say that the value of the victim’s investments has doubled and ask for a further payment to “release” the funds back to the victim, or threaten that the entire balance including the original capital will otherwise be lost
If you have made a direct payment to someone who operates a social media account with the above characteristics and have suffered a financial loss, you may be a victim of online fraud.
You are advised to make a report to your local law enforcement.
When reporting, it’s helpful to have the following available:
- Details of the bank account you made a transfer to, as well as the dates and sums involved
- The social media account details you have communicated with
- Any email address or telephone number you’ve had communication from in relation to the scam
- Screenshots of conversations or social media profiles, as these are quickly shut down when the fraudsters move on
Please note, BP PRIME employees will never:
- Offer access to products and services to anyone through social media channels
- Seek to arrange payments of any sort through social media channels
- Share account updates or balances through personal texts or direct messages on social media
If you choose to trade in financial instruments you should use an FCA-authorised firm. If you use an unauthorised firm you will be more at risk of a scam and won’t have access to the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS), should things go wrong.
Be wary of adverts online and on social media promising high returns for trading in financial instruments. If you have already invested in a scam, fraudsters are likely to target you again or sell your details to other criminals. The follow-up scam may be completely separate or related to the previous fraud, such as an offer to get your money back or to buy back the investment after you pay a fee.
How to protect yourself from clone investment firms
It can be challenging to tell whether you are dealing with a well-known, regulated and trusted financial company or not, because scammers will make sophisticated efforts to appear legitimate.
- Reject unsolicited investment offers whether made online, on social media or over the phone. Be wary even if you initiated contact.
- Always check the FCA Register to make sure you’re dealing with an authorised firm and check the FCA Warning List of firms to avoid.
- Only use the telephone number and email address on the FCA Register, not the contact details the firm gives you and look out for subtle differences.
- Consider seeking impartial advice before investing.
Please note, BP PRIME only offers the following:
-Trading via MT4 accounts from Metaquotes, we do not have any other application.
-Execution only accounts, we do not offer advisory or managed accounts.
-Check that the funding instructions match the detail on our website: www.bpprime.com
SCAMs to be aware of:
There is a company in China claiming to be BP PRIME offering an app to invest. This is not BP PRIME. Do not open an account or download any apps or send any money.