Blackmail and extortion have become a popular part of the online trading sphere and loads of individuals and brokers have fallen prey to it. Sites like ReportScam.net are primarily responsible for carrying out these deceptive schemes and their main intention is to extort money. I believe it is important to expose such sites to ensure that brokers remain protected and the overall trading sphere is free from malicious actors. In this piece, I will talk about why I think this recovery website is untrustworthy and the schemes it uses to blackmail companies.
Victimizing Brokers and Ruining their Reputations
The trading sphere has grown in competition quite extensively over the years, so much so that there has been an emergence of small brokers trying to make it big in this field. While there is no denying that competition is always a good thing, but resorting to deceptive tactics to blackmail brokers is a big no-no. Unfortunately, that is precisely what websites like ReportScam.net resort to in order to extort money and redirect people towards brokers they are affiliated with.
Reviews that are Not Credible at all
It is no secret that the internet is full of reviews about brokers. Some of them are negative while others are positive. For thousands, if not millions of people, being able to tell which review is authentic and which one is not can be downright impossible. Sites like ReportScam.net take advantage of this uncertainty and write loads of negative reviews about the brokers that they want to target. More often than not, these brokers tend to be newer ones that are trying to find their place in the vast sphere of online trading.
The site posts numerous reviews about these brokers in order to get their attention and when they do, they ask for money so that they can recover their reputation. I took the time to delve into the reviews written by this website in order to see how legitimate they were. Upon closely observing loads of reviews from ReportScam.net, I started to note a pattern. One of the things that stuck out the most was that this site mostly bashed up and coming brokers. Plus, it was also actively promoting other brokers that it was affiliated with. This showed me that these reviews had ulterior motives and could not be relied on.
They Ignore Your Request to Take the Reviews Down
While I found a lot of red flags in the reviews written by this site, one thing that confirmed that I couldn’t trust anything by ReportScam.net was that it always ignores brokers when they contact them to take the negative content down. It is a telltale sign that the site does not have any interest in promoting fairness. Instead, it only wants to extort money. Whenever brokers try to contact the customer support representatives of this website, they do not respond. Instead, they just use the leads generated by the reviews and send it to fraudsters for recovering funds.
Brokers must do everything in their power to steer clear from such practices and make sure that they do not budge in to the extortion requests.
It must be abundantly clear by now that ReportScam.net and a variety of other similar sites are as fraudulent as they come. If you notice that these sites are trying to defame you, it would be advisable to take action and report them to the FTC or other authorities to ensure the take strict action.