Rise in fraud prompts system upgrades for retail brokers

internetfraud

As the retail foreign exchange market continues to grow, there has been an increasing number of cases of fraudulent activity, with the Commodity Futures Trading Commission meting out several fines in recent months. For retail brokers, it has highlighted the need to invest in robust protection systems, say market participants.

The most common instance of fraud is when criminals try to access funds held with a broker using a false identity, says Marcus Ford, compliance director at Oanda in London

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