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Hedgestone Group, I think its a scam

globularity
Posts: 28 Forumite
Hi, my mum responded to a facebook advert for hedgestone group which says its a forex trading site. They were happy to take £200 from her account using the long number on her card. Then when we tried to access the account they wanted us to verify our identity. They requested coulour copys of her passport and copies of her credit card front and back and a bill, they said this was to prevent money laundering. If that was true then why take the money first. Mum decided to empty her account so they couldnt take the money because she became suspicios(she tranfered it to my account). I put the money back because I was worried the bank will still pay them then charge her for being overdrawn. We have contacted our banks fraud team and cancelled the card so they cant take any more money. They said we should be able to get the money back. Just thought Id post this to warn people
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Comments
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To be honest, it's standard practice for legitimate sites to request exactly this information when processing a first withdrawal. Maybe that particular site is a scam, maybe it isn't. Forex trading sites will tend to relieve you of your money either way.0
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To be honest, it's standard practice for legitimate sites to request exactly this information when processing a first withdrawal.globularity wrote: »...They were happy to take £200 from her account using the long number on her card.Mum decided to empty her account so they couldnt take the money because she became suspicios(she tranfered it to my account). I put the money back because I was worried the bank will still pay them then charge her for being overdrawn.They said we should be able to get the money back.0
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http://m.ripoffreport.com/reports/hedgestone-group/internet/hedgestone-group-binary-options-trading-scam-internet-1345949
https://www.complaintsboard.com/complaints/hedgestone-group-investment-scam-c851004.html
https://answers.yahoo.com/question/index?qid=20160712122655AAvgtTV
http://brokerscamalert.com/hedgestone-group-review/0 -
It makes far more sense to do this when the account is being opened, not to wait until a withdrawal. That's what I'd expect from most legitimate companies.0
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My experience (gained in my matched betting days) is that they all wait until a withdrawal. I guess they don't want to put off new customers.0
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That's why the majority of bookies are rather the most unscrupulous businesses than the most legitimate by my standards. They are happy to win any dirty money from any criminals and suddenly remember about their AML/KYC obligations only when they lose.0
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That's why the majority of bookies are rather the most unscrupulous businesses than the most legitimate by my standards. They are happy to win any dirty money from any criminals and suddenly remember about their AML/KYC obligations only when they lose.
Absolute rubbish, even criminals want to win. Bookies need to verify people before they can withdraw (Thanks to UK anti money laundering laws), this takes time and is not practical when players sign up and bet. (and signing up involves agreeing to provide ID etc before a withdrawal)The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX:D
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Gambler101 wrote: »Absolute rubbish, even criminals want to win. Bookies need to verify people before they can withdraw (Thanks to UK anti money laundering laws), this takes time and is not practical when players sign up and bet. (and signing up involves agreeing to provide ID etc before a withdrawal)
Of course it's practical to conduct AML before opening an account, it would just be less profitable.
But you are right that it is not a major concern if a criminal signs up to a gambling site with dirty money and loses it. If they lose it they probably aren't a criminal. Criminals don't bet dirty money on Rooney to be first goalscorer, they bet £50 of dirty money on red and £50 of dirty money on black, and withdraw £97.30 of clean money.0 -
Gambler101 wrote: »Absolute rubbish, even criminals want to win.Bookies need to verify people before they can withdraw (Thanks to UK anti money laundering laws),this takes time and is not practical when players sign up and bet. (and signing up involves agreeing to provide ID etc before a withdrawal)Malthusian wrote: »If they lose it they probably aren't a criminal.0
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Globularity, all the forex and binary sites work like that, it's not a specialty of this broker. Have you tried to contact the customer service before panicking?
TCA, most of the websites you mentioned make money writing good reviews about forex/binary sites which pay them and writing bad reviews about their competitors. These websites just proof that hedgestone didn't want to enter this game and pay them to be promoted - which is good. For instance, this brokerscamalert.com is so "honest", so "honest", that they don't even inform their email publicly nor any other contact info. They only write good reviews for the brokers who are paying them the most. I trade for a long time and I don't trust any of brokerscamalert reviews. The other websites also make money with complaints, whether they are real or fake. But at least seem more honest than this "brokerscamalert".
Anyway, there are other brokers out there and your mother has the option to stop trading as well if she doesn't trust it. Good luck to your mom.0
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