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Odd email from North Finance

  • #1
  • First Post: Edited Jan 18, 2008 12:24am Jan 17, 2008 7:46pm | Edited Jan 18, 2008 12:24am
Looks like this hit my junk mail today and I don't see anything about it in here. I haven't confirmed this as a scam email but I've already reported it to North Finance and it's pretty obvious.

I normally just flush these when I get them for my ebay account, paypal account, checking account, yadda yadda... however this is the first time I've ever seen one specifically directed at me as an IB for other companies.

The email was from : Ib2 North Finance [[email protected]]

Subject : Northfinance : Follow Few Easy Steps to Remove SWAP and Getting Trading Commision

Quote
Follow few easy steps to remove SWAP and Getting commision us$ 7/lot :

1. Send a scanned copy of your passport, and proof of your residence address, i.e. utility bill,telephone bill, bank statement, or any other document, stating your name and your address on it.
2. If you still don't use MetaTrader 4 North Finance program, download the latest version of MetaTrader from our site.
3. Fill this confirmation form :
Northfinance Login : ______________
Full Name : ________________
Password : ______________
VAC :_____________

You must reply this email for Special Offer From our company


Yours truly
North Finance Company Limited
Pretty obvious that it's a scam, but for the... less intelligent forex traders DO NOT GIVE THEM YOUR INFORMATION. For them to know that I'm a forex trader means they've at least done that bit of homework, or they are completely shooting in the dark and it hit me.

I hate to read about people being scammed and I've already forwarded the email to North Finance to alert them. Figured posting a warning here was easier than posting a reply to the "Help I got scammed" post.
The basis of a democratic state is liberty. ~ Aristotle
  • #2
  • Jan 17, 2008 9:19pm Jan 17, 2008 9:19pm
Thanks friend for the info. Its good you are in here to update everyone.

Thanks
  • #3
  • Jan 18, 2008 2:53am Jan 18, 2008 2:53am
When you receive emails like this, you should notify the Secret Service. They have a fraud investigations unit that specializes on this type of scam.
  • #4
  • Jan 18, 2008 7:46am Jan 18, 2008 7:46am
Quoting WHTenn
When you receive emails like this, you should notify the Secret Service. They have a fraud investigations unit that specializes on this type of scam.
I plus this advice. Many crooks stay in this business because no one reports them. If there is a phone number for the fax, then for sure FBI or other national investigation agency can track them.
  • #5
  • Jan 18, 2008 8:55am Jan 18, 2008 8:55am
Well, I get a fraud Ebay email twice a week and forward them right along to the ebay fraud department. Same with paypal. I was just more concerned about this one because it's the first Forex Specific one that I have recieved.

I am not a North Finance client, but I have inquired about their IB program when I was looking for an MT4 broker to offer my clients.

I forwarded the email to the address listed on the North Finance site for suspicious emails and posted here.

Thanks for completing my title change request Twee. I didn't want North Finance and Scam in the same title. Must have been tired when I wrote that.
The basis of a democratic state is liberty. ~ Aristotle
  • #6
  • Jan 18, 2008 10:38am Jan 18, 2008 10:38am
Quoting melpheos
I plus this advice. Many crooks stay in this business because no one reports them. If there is a phone number for the fax, then for sure FBI or other national investigation agency can track them.
Originally Posted by WHTenn http://www.forexfactory.com/images/buttons/viewpost.gif
When you receive emails like this, you should notify the Secret Service. They have a fraud investigations unit that specializes on this type of scam.

Did you miss the underlined authority? lol....
  • #7
  • Jan 18, 2008 10:57am Jan 18, 2008 10:57am
Hehe, who you talking to WHT? If it's me, as far as I'm concerned I have forwarded it to the company who has a vested interest in their own PR and someone impersonating them. They can forward it to the Secret Service if they wish. I believe them knowing about it is more important than stopping this 1 crook so another can take its place.

Also, I personally have been burned before when touching these myself. I actually responded to one of those money laundering schemes (I don't know if it was boredom or what, I was in college). It was one of those "Our US person will pay X dollars for your currently for sale car if you forward the rest of what we send you to Y person in Nigeria". Obvious scam, but I replied "sure send me a check" expecting that to be the last I hear from them. 2 months later I actually recieved the check. I took it to the Bank, with all the corespondance emails and explained the situation. The bank advised I deposit the check and if it is fraudulant it just won't go through. Depositing the check, as the bank advised, froze not only all of my financial accounts, but my parents accounts as well and caused them to bounce their mortgage check. It took a month of being investigated to get our accounts freed up. I will never notify the authorities about it again, if the company wants to, they can.
The basis of a democratic state is liberty. ~ Aristotle
  • #8
  • Edited 8:31am Jan 19, 2008 4:01am | Edited 8:31am
Hey my friend, the message was for melpheos. I stated that the proper authorities to contact was the Secret Service and the dummy replied back to contact the FBI or national investigation agency. With my background in the Justice Dept, he is telling me I am wrong. He is not too bright.

Quoting Vensik
Hehe, who you talking to WHT? If it's me, as far as I'm concerned I have forwarded it to the company who has a vested interest in their own PR and someone impersonating them. They can forward it to the Secret Service if they wish. I believe them knowing about it is more important than stopping this 1 crook so another can take its place.

Also, I personally have been burned before when touching these myself. I actually responded to one of those money laundering schemes (I don't know if it was boredom or what, I was in college). It was one of those "Our US person will pay X dollars for your currently for sale car if you forward the rest of what we send you to Y person in Nigeria". Obvious scam, but I replied "sure send me a check" expecting that to be the last I hear from them. 2 months later I actually recieved the check. I took it to the Bank, with all the corespondance emails and explained the situation. The bank advised I deposit the check and if it is fraudulant it just won't go through. Depositing the check, as the bank advised, froze not only all of my financial accounts, but my parents accounts as well and caused them to bounce their mortgage check. It took a month of being investigated to get our accounts freed up. I will never notify the authorities about it again, if the company wants to, they can.
  • #9
  • Jan 19, 2008 4:20am Jan 19, 2008 4:20am
Quote
Yours truly
North Finance Company Limited
  • #10
  • Jan 20, 2008 7:56pm Jan 20, 2008 7:56pm
NorthFinance email to my friend:

Quote
Dear Client

As long as you can prove that the depositing bank and the withdrawal bank
accounts are both your own accounts by sending us in statements for both
then there is no problem at all.

These provisions are in place in order to attempt to prevent money
laundering.

Kind regards

Northfinance support



My friend sent this email to me asking my advice since he was going to open an account with NorthFinance. He asked NF if it was OK to make a wire transfer from a bank which he has no account bec. my friend says the bank charges a much lower service charge compared to his bank where he has an account. The reason he asked this question is bec. NF said they will only send his money(if he would make withdrawals) from the bank where he made the wire transfer. I told him that with other forex brokers that I have an account with, you can asked them to send the money to any bank you want. Also, I could not imagine someone asking for bank statements to prove it is their account. I said it was very weird and I would not definitely open an account with NF.

Since there are so many brokers out there, I don't know if this is a standard operating procedure for some brokers. Anyone who can comment on this?
  • #11
  • Jan 21, 2008 9:10am Jan 21, 2008 9:10am
What NorthFinance is doing is to prevent scammers or hackers to steal your funds in your trading account.

If the funds can be deposited and transfered out using a different name and bank account then your funds could just dissappear / stolen easily.

The point of depositing and withdrawing to the same bank account is to prevent money laundering which is a valid point

Some traders are just reckless with the security of their trading accounts.
  • #12
  • Last Post: Jan 21, 2008 9:57pm Jan 21, 2008 9:57pm
Quote
If the funds can be deposited and transfered out using a different name and bank account then your funds could just disappear / stolen easily.
Isn't it that before you can open a bank account, there are many security measures like asking for two or more type of ID's and other supporting documents? Also, brokers will definitely not transfer funds to a bank account different from the original name of their client.

Let's say I have an account with a certain forex broker, and if I would make withdrawals, I would always fill out a withdrawal form and indicate the amount and bank where I want my money deposited. I can deposit it in HSBC, Standard Chartered, or any bank I want where I have an account. Why should I send my bank statements to my broker to prove the bank account in HSBC, Standard Chartered, etc. is my account before he will send the money? Of course, the bank account would be in my name, same as the name I use in my forex account.

But what NF indicated is that they will only deposit it in the bank where my friend would make a wire transfer to fund his new account. For example, if my friend sent a wire transfer to fund his new account in NF using Unibank, and if my friend would make withdrawals, NF says it will only deposit his withdrawals to Unibank. What if my friend wants to deposit it in his account in GlobalBank? Why wouldn't they allow it? What if Unibank suddenly went bankrupt? Does this mean my friend's money can't be withdrawn anymore?
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