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Snow-Trade-scam-alert-investigation

Cybertrace’s analysts are issuing an urgent alert for the rapidly growing Snow-Trade scam. While they don’t actually deal in the white stuff, these fraudsters are about as transparent as a blizzard. So prepare yourself and remember: winter is coming! Operating from https://snow-trade.com/ and imitating a legitimate registered company, the Snow-Trade fraudsters promise investment opportunities that seem too good to be true – because they are! Offering foreign exchange (forex) and cryptocurrency trading via highly risky and speculative contracts for difference (CFDs), these crooks are persuasive. However, don’t let their overtures sway you – our experienced investigators have identified several red flags that signal scammers at work. Keep reading to find out how the scam works, how to protect yourself and what Cybertrace can do to help even if they have already stolen your money.

How does the Snow-Trade Scam work?

Snow-Trade is the latest addition to a growing list of forex and cryptocurrency scams Cybertrace has recently exposed. Scammers target victims directly via phone or social media with “amazing investment opportunities” and a professional-looking website. Once the fraudsters have gained victims’ trust, they use persuasive sales tactics to induce them to open a “trading account”. Next, the scammers convince them that they have made a high initial “win” and might even transfer some of this “win” back into their account. Having thus gained trust, victims plough more and more of their savings into their “investment portfolio”. In case they hesitate, higher-level “retention agents” call and hassle them persistently until they relent. While the Snow-Trade “trading software” makes it look as though there are steady wins, none of this is real. There is no “investment”, no “account” and certainly no “win” since all the money ends up in the scammers’ pocket!

Snow-Trade-scam-modus-operandi

Are there additional risks?

Unfortunately, the scammers don’t stop there but have three more aces up their sleeves. Firstly, under the guise of teaching newbies how to trade, fraudsters trick victims into providing remote access to their computer via AnyDesk. Once this happens, they immediately access and steal the contents of any online bank accounts and crypto wallets. Secondly, if victims become suspicious and ask questions or simply want to cash out their “earnings”, the problems start. The scammers start demanding additional fake “fees” or “income taxes” to release earnings. Needless to say, no one is getting their money back. Instead, this is simply another way to scam you out of even more money. Finally, the Snow-Trade scam crooks want you to sign up your friends and family to their nefarious scheme via affiliate marketing. They promise seemingly lucrative commissions, but all you are doing is roping your loved ones into their scam.

risk-remote-access-affiliate marketing

How do I protect myself from the Snow-Trade scam?

Cybertrace’s experienced investigators have specialist technological tools at their disposal to forensically examine websites, trace cryptocurrencies and locate perpetrators. However, every member of the public can protect themselves from scammers by being aware of the modus operandi described above. They can also ask these three key questions:

Where are they registered and regulated?

Serious investment companies should clearly state their country of registration and the name of their regulator. Both of these are vital in order to protect customers and should be independently verifiable. Nowhere on its homepage does the Snow-Trade scam reveal its country of registration, making due diligence impossible. The fine print of the T&Cs contains the dubious claim that they are subject to the laws of Estonia. However, the Estonian financial regulator doesn’t appear to have heard of them. If they aren’t regulated, don’t trust them!

snow-trade-scam-alert-registration-regulation
What have others’ experiences been?

Independent reviews are useful, even though they should always be taken with a grain of salt due to potential manipulation. Several reviewers and commenters on sites such as these, these and these describe their negative personal experiences with the Snow-Trade scam. They confirm the emerging picture of a pack of liars who are out to scam innocent investors. Stay away from them!

What does ScamSleuth say?

While some insight into Cybertrace’s approach regarding the Snow-Trade scam is helpful, who has the time to check all this themselves? Luckily, you don’t have to! For your convenience, Cybertrace has developed ScamSleuth, a free, easy-to-use public scam detector tool. Simply run any potential investment website through ScamSleuth and, within seconds, you will have the result with a clear traffic-light warning. In this way, you will always know whether something is a genuine investment opportunity or a scam. It couldn’t be easier, so make sure to bookmark ScamSleuth and share it with your friends and family!

What do I do if Snow-Trade already scammed me?

When others exploit your trust and goodwill, it can feel devastating. If they also make off with your hard-earned cash, it’s easy to experience embarrassment and/or fury. But if the Snow-Trade scam already got to you, don’t get mad – get even! Contact Cybertrace today to discuss how we can help you. As Australia’s leading cyber fraud investigator, our specialists carry out forensic website analysis, cryptocurrency tracing and other highly technical cyber detective work. Let us help get the best possible outcome for you.

 

If you are a current or former staff member of the syndicate and would like to speak with us, you can contact us anonymously via [email protected]. We have successfully worked with conscientious insiders when investigating previous scams, thus bringing justice and relief to long-suffering victims. Your help can make a real difference!

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