Fortunately, she only bought in once and didn't waste all her savings on it. She was also kind enough to gift me a million dongs that I have no idea what to do with. Fast forward to today and she calls me to let me know that "its just around the corner now" just a few more hoops to jump through Re: Parent caught up in forex vietnamese dong scam No idea what to do.
One warning: everything screams to me that this new "paperwork" will require her to pay more money. Watch out. Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. You might try the FBI, but this sounds a lot like the old Nigerian scam of laundering money for the prince. You know that the money is gone, but it is going to be immensely hard to convince your mother that she has been taken.
How did you deal with it? Every day scammers get people to buy into this stuff. I would go have a sit down with Mom and get this shut down NOW and then with the authorities involved try to claw back stop transfer, etc. Best wishes. Last edited by InvestorNewb on Thu Jul 23, am, edited 1 time in total. There is a special place in hell for these scammers targeting the elderly. Keep your guard up. To some, the glass is half full. To others, the glass is half empty.
To an engineer, it's twice the size it needs to be. That should help prevent others from getting scammed. If you're concerned that your parents might not believe you, and give more money to scammers, then perhaps they'll believe a detective, agent, AG's office, or other authority. But it is not easy, for it requires discipline, patience, steadfastness, and that most uncommon of all gifts, common sense. Your worry is how to stop her sending more and more money to these criminals.
I would probably yell and scream at her if she was my mom and I was your age. I have no idea if that would work or would just make things even worse. How old is your mother? First, I removed the link in the OP's post as it may be malicious. If your siblings also went along with this, it's time for a family chat- as soon as possible - about scams and such.
And then actually report them. There is pretty much zero chance that she will ever see a dime and not much chance that the authorities will ever find these criminals or get any money back. The important thing is to nip it in the bud so they don't try to get any more money or other information from her that could be used to steal more money. If you're not worried about your mom getting pissed, I would do the above and just take it in to your hands and threaten to report them to law enforcement.
Scratch that. I just saw the whole thing about going to do anther state, now it's a safety issue too. I'd nip this in the bud. Unless I had law enforcement watching my back. Has anyone here ever had a legitimate transaction that required a fingerprint? This is the top priority. Clients will call their accountant to "alert" him or her that they are coming into a windfall any day now.
This is an old scam which has been around at least 10 years. It even caught on in churches at one time, which was my first introduction to this con game. I would warn people that it is a scam, but for some of them the lure was just too great. I had people calling me to ask how best to pay off the church debt once they got they money. Of course, no one ever gets the money, and the scammers continue to play it out by promising the big payday is just around the corner.
Often the end game is to get the bank account numbers so they can perpetuate the scam. Looks like the scammers have added the Vietnamese dong to their game. Wouldn't be surprised to hear the next big scam will be the Greek drachma. If the OP can't convince mom and siblings that any money already turned over to these people is gone, and any future dealings with them will also end in the same manner, then there's a big problem. Some people just can't resist the lure of the promise of easy money.
It's addictive. Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. Read the Wiki! She got off easy. Hopefully she will learn from her mistake. Last edited by TimeRunner on Sun Mar 06, am, edited 2 times in total.
I know albeit indirectly the secretary to the President and a number of similarly well-connected people. Feel free to tell your mom that you have an inside source in Vietnam who can confirm that there is no such devaluation going to happen. Also, if you want to send me your million dong, I'll be happy to spend it on some Saigon Special beer for you. Mum will be able to exchange her Dong for USD at any currency exchanger.
Financial scams usually have certain characteristics that can be identified with a bit of research:. In the case of the Iraqi dinar investment scheme, there might be additional red flags :. All these factors give rise to further doubt. Forex refers to currency trading and currency pairs. If your expectations come true, and the exchange rate improves to a hypothetical value—say one U.
But what happens if the dinar takes the opposite direction? Now your invested holding of 1. The article further states:. Backed by the oil reserves , Iraq has the potential to spring back and establish itself as a stable economy. It managed to do so after the eight-year-long Iran-Iraq war.
But that will need a peaceful, promising business atmosphere to establish investor confidence, which will, in turn, help revive its economy and bring back the IQD forex rate to less depressed levels. Now to the other side of the coin:. There are signs indicating that Iraqi dinar investments are nothing more than a hyped scam. Revaluation is the calculated adjustment made to a country's official exchange rate relative to a chosen baseline, such as gold or the U.
After a revaluation, a currency becomes expensive relative to the base currency by the factor of adjustment, and hence the process changes the purchasing power of that currency. Redenomination is done in case of high inflation levels by old high-value notes being made equal to new small value notes e. Redenomination simply drops off the zeroes keeping the purchasing power the same as before.
There are confirmed news items that Iraq did plan to redenominate its currency, but not revalue. Economists also point out that it would not be beneficial to the Iraqi economy to allow any such value appreciation by the authorities even by means of revaluation. Doing so will lead to multiple problems for Iraq:. However, this is misleading. The new release was to prevent the use of stolen and looted old Kuwaiti dinars. In the Kuwaiti example, the pre-war forex rates were retained, but old banknotes were swapped for new ones.
Examples of European countries like the Netherlands, the United Kingdom, and France are sometimes cited in an attempt to justify an Iraqi dollar investment. These other countries managed a rapid economic comeback from the effects of World War II, and are today considered among the developed countries. One important fact missed here is that these countries were able to progress faster because the war situation was completely different from the war in Iraq.
In the case of the world wars, European countries in question were on the winning side and received maximum support in the post-war aftermath. The case of Iraq, by contrast, is more of a civil war, where there exists a possibility of the country being split into multiple fragments. Even if it stays as one nation, it will still take a good long time for the economy to recover. Similar to Iraqi dinar, similar rumors are reported for Vietnamese dong and, most recently, the Egyptian pound.
No banks are offering Iraqi dinars. If you have to buy Iraqi dinars, you can buy them only at select money exchangers, who may or may not be legally registered. The bill was introduced by the Central Bank of Iraq in Nov. In terms of longer-term opportunities, forex trading in general comes with a few challenges:. How Iraq, its economy, and hence the forex rate develop over the long term, is a long-term uncertain bet.
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