Some Background on Brexit Millionaire
One of the most disturbing phenomena regarding recent web traffic in the UK, is the Brexit Millionaire scam. This scam attracts real traffic in terms of Internet searches. Google record approximately 2.5k searches for the Brexit Millionaire term every month. This traffic is very concerning, as it surely correlates with the number of people being defrauded by this scam every month. If five in one hundred people are successfully defrauded, that is a great concern. It would mean that one-hundred and twenty-five people per month losing thousands of pounds to boiler room scammers in the UK on just this scam alone. When we say just this scam, we mean that this figure is aside from the cash being defrauded using Bitcoin Circuit, Bitcoin Rush or any of the other boiler room scams!
What is the Brexit Millionaire Scam?
The Brexit Millionaire scam is very simple, using the current and rather dire situation that Britain is facing, they suggest their product as an escape route from possible financial problems. Following Brexit, Britain has no friends in Europe and the people fear an unstable future (due to questionable COVID-19 lockdowns and an obvious and complete lack of internal governance) everyone paranoia is being used to persuade them to start trading.
Now trading may well be a reasonable path to take if you are in desperate need of money and have to find a way of bringing more money in, but traders often make money by other people losing it, and this is important to remember. One of the easiest ways to make money trading is to fill the market with lots of people who do not know what they are doing.
How Does The Brexit Millionaire Scam Work?
Well, let’s take a look at one of their websites first of all, so you can get an idea of the kind of material they are propagating:
Great for beginners and pro’s, hands free, fully automated and secure platform only trading when it’s sure of a profit.
Our trading software uses the latest in digital technology, placed in secure servers and encrypted for complete peace of mind.
So as you can see, they are suggesting that this system makes money for you automatically, no matter what. That the Brexit Millionaire is some sort of system that auto-trades on your behalf, using a broker, and that the Brexit Millionaire will always know when to trade and what to trade in. This is clearly to take advantage of people who do not understand markets, or the technology used within them.
Why Are Brexit Millionaire Doing This?
The truth behind the scam is that they require you to connect with a broker before you start using Brexit Millionaire, and this is important. They are not asking you to register with any broker, they are asking you to sign-up with their broker. The one that the Brexit Millionaire connects you with. This is because the broker they recommend is not registered in the EU or the US or Australia. They are an offshore entity that is registered in a country you have never heard of in the middle of the ocean, an unregulated entity that has no legal responsibility in your own territory. This is the first ingredient of the boiler room scam!
The second ingredient, is that they get your phone number. They need to be able to harass you constantly, to blur your judgement, impede your thinking and most of all, wear you down. You can see below how the Brexit Millionaire system automatically ties you in with a crooked broker:
How Do We Protect Ourselves?
Once you hand over your contact details, the scam has begun. The only real way to protect yourself is to hang up and change your phone number before they call back. If you proceed with the call then you will be given instructions on how to deposit money into their offshore broker’s account. If you have taken this step, then they have made their money. Even if you successfully reclaim every penny from the bank, they have still made their money and will continue to attempt to scam others. Your bank will not be able to reverse the transaction, or be able to recover the money, they just have to pay up from their insurance. This is why the recovery companies and scammer happily coexist, they both take money from your bank and keep it.
How Do They Take The Money?
Well they do this in a variety of ways. They can take a card payment. This is so that the broker account appears to be credited by your bank card. They can use a bank transfer, as this allows them to send the money to an IBAN number somewhere which can quickly make the transfer untraceable. Sometimes they will take remote control of your computer with TeamViewer or Anydesk software so that they can use your funds to buy cryptocurrency directly and transfer the money between all sorts of different crypto currencies, rendering it impossible to track.
All of these share one thing, that the balance you see in the offshore brokers website has nothing to do with real money. This fake balance is simply to allay your suspicions. It is a fake to delay the realisation that you have been scammed. To make sure that they have your money before you or your bank have time to react. You spend a few days or weeks playing with the site. Your balance goes up and down a bit. But you ask to withdrawal when the balance begins to disappear. Suddenly they want passports, driving licenses, clearance documents, transfer documents and photos etc. but that is just a delaying tactic too. Your money has long ago gone to the scammers.
So Who Are Brexit Millionaire?
Well, put simply, they are part of a massive organisation of scammers worldwide. They have lots of different departments concerned with different parts of the scam. Brexit Millionaire obviously have a large web development team. They also must have a team of people registering companies in the Caribbean. Then they must have a team of call centres in each of the major target countries. Finally there are the concept formulators who bring everything together.
Brexit Millionaire split the services up into different businesses by using affiliate networks. These networks can offer $700 USD for a successful scam victim. They then have 100 affiliates fighting over that $700 USD. This means that the SEO of their websites becomes very high as so many people are linking to their site. The websites trying to warn people about these scams do not tend to rank as highly as the scams themselves, and so the fraud goes on and on and on.
It is made worse by search engine providers wilfully advertising these scams. They operate without any concern for the public or their own reputation. They are so big now, they just don’t have to care anymore.
You can see how many of these affiliates are fighting for the fees. They use Google Ads and SEO to try and get the money these affiliate networks offer. Another upside for the scammers is that it stops anyone being easily prosecuted.
- For the affiliates, why is it their fault that the customer got scammed? They were using the affiliate network in good faith.
- Why is it the affiliate networks fault? They were just providing a customer with links and processing the fees.
- The offshore broker claims the victim lost the money legitimately on CFD trading they did not understand. They are not in the same country of residence anyway, so the Police can do nothing.
No one is accountable as they can argue they were providing a legitimate service. It all works out…
BEWARE OF BREXIT MILLIONAIRE AND ANY OTHER SITE THAT CLAIMS YOU WILL ALWAYS WIN TRADES!!
