Deepfake Elon Musk ad scams 150 South African investors out of millions — Banxso responds

The trading platform Banxso has come under fire for benefiting from deep fake ads featuring billionaires Elon Musk, Johann Rupert and Nicky Oppenheimer.

Scores of investors who clicked on the ads have reported losses totalling millions.

Banxso, a sponsor of Ultimate Fighting Championship (UFC) champion Dricus du Plessis and the national football team Bafana Bafana, has repeatedly denied any involvement in these fake ads.

It has fully refunded Advocate Petra van Niekerk who was interviewed by BizNews after she lost her life savings – and went on to represent other victims. 

Banxso subsequently invited BizNews to submit questions and undertook to provide a comprehensive response.

By Chris Steyn for BizNews

Here is the Q&A in full:

* Your statement refers: “In response to the initial allegations, Banxso undertook a thorough internal investigation and collaborated with regulatory bodies to scrutinize any potential links, mistakenly or otherwise, made between our platform and Immediate Matrix. Our comprehensive review has affirmed that Banxso has never engaged in any form of partnership, agreement, or collaboration with Immediate Matrix.”

Q: Which regulatory bodies did Banxso collaborate with in finding no wrongdoing on the part of Banxso? 

A: In our pursuit to ensure transparency and integrity, Banxso actively engaged with key regulatory bodies, including the Financial Sector Conduct Authority (FSCA) in South Africa and other relevant national authorities, to comprehensively assess any potential inadvertent links between our platform and Immediate Matrix. It’s important to note that no authority can provide a letter of “no wrongdoing” while the problem persists and the scam continues. Banxso is only in a position to represent its own statements and actions, not those of any regulatory authorities.

Q: Is your “comprehensive review”, Banxso’s internal review or Banxso and the regulatory bodies’ joint review?

A: The “comprehensive review” mentioned refers primarily to Banxso’s internal investigation, conducted with utmost diligence and thoroughness.

Q: Have the regulatory bodies pronounced on this matter and issued a statement? If so which regulatory authorities?

A:  Following our rigorous review and collaborative efforts with these authorities, certain regulatory bodies have indeed recognized the outcomes of our investigations. However, statements cannot be issued as long as this scam is not defeated, and only when it has been conclusively resolved. The company’s communication reflects solely its perspective and should not be misconstrued as representing the views of any regulatory agencies.

Q: Was the review referred to by Banxso a formal review forming part of any official investigation by the authorities?

A: The review conducted by Banxso, although thorough and under the guidance of regulatory authorities, was not part of a formal review or official investigation mandated by these authorities. It was initiated by Banxso as a proactive measure to ensure our operations remain beyond reproach.

Q: Is this statement put out by Banxso echoed by the authorities?

A: While our statement reflects the findings of our internal review and our understanding of the regulatory bodies’ assessments, it is important to note that the exact language or emphasis might not be mirrored by all authorities. Each regulatory body operates independently and may choose to communicate their findings in a manner consistent with their protocols and regulatory framework. Thus, Banxso articulates its own conclusions and interpretations, without presuming to echo the official stance of any regulatory entities.

Q: Are the authorities aware of this seeming “joinder” by Banxso of them in communication with the press seemingly suggesting they are (Banxso) have been formally vindicated by the authorities?

A: Banxso has made every effort to communicate transparently and accurately about our engagements with regulatory bodies regarding this matter. We believe it is essential to inform the public and our stakeholders about our proactive steps to address the allegations and our collaboration with authorities. However, we are mindful of the independence of these authorities and their processes. Our communication aims to reflect our commitment to transparency and accountability, without implying formal vindication beyond the outcomes of our investigations and any acknowledgments received from these authorities. It is important to clarify that Banxso provides its own narrative and insights, independent of any regulatory body’s formal communications.

Banxso remains committed to upholding the highest standards of regulatory compliance and ethical conduct. Our engagement with regulatory bodies and the steps we have taken to investigate and address the allegations demonstrate our unwavering commitment to protecting our clients and maintaining the integrity of our platform.

*  Your statement refers: “Banxso wishes to state, categorically and without any ambiguity, that we have no association whatsoever with Immediate Matrix and the deceptive schemes promoted under its name. The articles in question have shed light on deeply concerning practices involving the use of deepfake technology to perpetrate financial scams, falsely implicating reputable entities, including Banxso, in these unethical activities. We share your concern over such malpractices and the resultant harm they inflict upon unsuspecting individuals.”

Q: What procedures did you follow to establish no link between yourselves and this deep fake activity perpetrated by Immediate Matrix exists? 

A: At Banxso, we take cybersecurity and the integrity of our onboarding process very seriously. Upon learning about the potential misuse of deepfake technology by entities like Immediate Matrix, we immediately initiated a comprehensive internal investigation. This involved analyzing traffic sources, client onboarding patterns, and communication channels to ensure they were not compromised by external scams. Our IT and cybersecurity teams worked diligently to trace and verify the origins of all inbound traffic, specifically looking for patterns that could indicate malicious activities.

Q: How did/what did Immediate Matrix benefit from sending traffic for onboarding with Banxso?

A: In investigating the nefarious strategies of Immediate Matrix, it became apparent their operations were intricately designed to misuse the trust and legitimacy of reputable platforms, including Banxso. This malpractice was aimed at deceiving individuals by creating a false association with our established and secure trading environment. We categorically deny any benefit or consent to these actions from our end.

Our findings indicate that Immediate Matrix’s objectives were twofold. Firstly, they sought to exploit unsuspecting individuals by capturing sensitive financial information during the account creation process on our platform. This attempt was swiftly identified and nullified by Banxso’s robust security measures, ensuring the safety and integrity of our client’s data remained uncompromised.

Secondly, the victims were approached privately, post-account creation, with offers to purchase a so-called automated trading bot. This bot was marketed as a guaranteed path to financial success, preying on the hopes and trust of individuals newly affiliated with our platform. It is essential to highlight that this auto trader was entirely fictitious, designed solely to further exploit and defraud.

Banxso’s dedication to maintaining a secure and transparent trading environment for our clients is unwavering. Our prompt actions to thwart these schemes and protect our users underscore our commitment to ethical practices and the safety of all who choose to trade with us.

Q: Have any other deep fake adverts by any other “Immediate Matrix” type entities generated traffic leading to Banxso?

A: The advent of deepfake technology and its misuse poses a significant challenge across the digital ecosystem. At Banxso, we have not remained passive in the face of such threats. Our vigilant cybersecurity team has identified and acted against instances where our name and brand integrity were exploited by entities leveraging deepfake technologies. Through our proactive monitoring and rapid response mechanisms, we have effectively minimized the adverse effects of these unauthorized uses.

Our commitment to safeguarding our platform and its users from such deceptive practices is unwavering. We continuously enhance our cybersecurity infrastructure, employing advanced detection technologies and robust protocols designed to thwart the efforts of malicious actors. The case of Immediate Matrix, initially emerging as Immediate Edge, serves as a stark example of how quickly these fraudulent schemes can evolve and spread, particularly within the trading community in South Africa.

This situation underscored the necessity for our relentless pursuit of security excellence. By staying ahead of the curve in cybersecurity, we ensure the protection of our clients’ interests and maintain the trust they place in our platform. Our experiences with Immediate Matrix have further galvanized our resolve to combat digital malpractices, reinforcing our dedication to providing a secure, transparent, and reliable trading environment for all our users.

Q: Can you confirm the nature of these deep fake ads is such that they “refresh” and “disappear” the moment a prospective “client/victim” clicks on the video or advert, effectively erasing the trail?

A: Our thorough investigations have indeed verified the fleeting nature of deepfake advertisements, engineered to disappear once clicked. This cleverly deceptive tactic effectively erases any trace of evidence, significantly complicating efforts to track these ads and hold the perpetrators accountable. The use of cloaking technology, which is readily available on darknet platforms, plays a pivotal role in this deception. Cloakers conceal the true content of a website from search engines and regulatory bodies, only revealing the scam to the targeted individuals. The ease of access to cloaking technology and the minimal technical expertise required to replicate websites like Immediate Matrix mean that such scams can be set up rapidly, often in less than 30 minutes.

This alarming trend not only poses a challenge in combating these fraudulent activities but also underscores the importance of advanced cybersecurity measures and vigilance. Banxso has demonstrated the rapid replication process to various news outlets, highlighting the ease with which these deceptive sites can be created and spread. This insight into the mechanics behind the scam is part of our commitment to transparency and educating the public on the risks associated with online trading and the sophistication of modern scams. Our efforts continue to focus on safeguarding our clients and the wider community against such threats, through continuous monitoring, public awareness campaigns, and cooperation with cybersecurity experts and authorities.

Q: What procedure does Banxso follow, or practice does Banxso have in place to prevent members of the public from becoming a client/victim of a deep fake ad?

A: Banxso has implemented rigorous procedures to safeguard prospective clients against becoming victims of deepfake scams. These include enhanced digital literacy campaigns, clear warnings about common scam tactics on our platform, and stringent KYC (Know Your Customer) protocols during the onboarding process to verify the authenticity of client engagements.

Q: How does Banxso establish that a member of the public is not a victim of a deep fake ad?

A: To ensure that individuals are not misled by deepfake ads into becoming victims, Banxso has implemented a comprehensive approach that includes rigorous direct communication, scrutiny of the information sources reported by new clients, and a detailed Know Your Customer (KYC) process. As part of our onboarding procedure, we actively encourage new clients to disclose how they came across our platform. Any references to suspicious or unverified sources immediately trigger an in-depth investigation by our team.

One of the challenges we face is the tactics used by the creators of these deceptive schemes, who often sell unsuspecting clients on the existence of a “secret autobot” promising substantial returns. These clients are misled into believing they must keep this “golden secret” from the trading platform to avoid being banned. This creates a significant barrier to identifying victims, as they may not disclose their true point of contact with our platform.

It is crucial to understand that this issue extends beyond Banxso and could potentially affect major South African banks and other reputable financial institutions tomorrow. Our dedication to combating these deceptive practices involves not only protecting our own platform and clients but also contributing to a broader effort to safeguard the financial community against such sophisticated scams.

* Your executive summary “Fortifying Cybersecurity and Enhancing Anomaly Detection Against XSS Threats” refers: “…the episode unveiled the subtle challenges inherent in anomaly detection. Despite the attack’s failure, it highlighted the necessity for improvements in detecting irregular activities that blend in with normal platform operations. This summary underscores the vital link between sophisticated cybersecurity defences, the need for vigilant anomaly detection.”

Q: Would it be correct to assume that the cause behind instances of victims of deep fake ads referral to your site are by your investigation and account due to Cross-Site Scripting (XSS) threats/attacks? 

A: Yes.

Q: If so, would it not be easy to establish when, where, and how these attacks took place and consequence/outcome including who is impacted? Your executive summary also refers: The main thrust of the technical explanation given for “Banxso being targeted” by deep fakes appears to be an XSS threat. Banxso state “Despite the attack’s failure”…

A: Due to the sophisticated cloaking mechanisms utilized, it becomes challenging for us to identify which clients were directly affected by this scheme. We typically discern involvement through the detection of distinct trading patterns associated with the use of automated bots.

Q: Does this mean that the public who wish to utilise Banxso can have peace of mind that Banxso technology security is robust? 

A: Absolutely.

Q: Does this imply that the victim “investors” as reported were victims of a completely separate entity with no relationship or dealings with Banxso whatsoever as stated by Banxso? That the “on-boarding” of clients was done by clients “thinking” they were being “onboarded” by Banxso, when in fact they were paying money into an entity wholly unrelated to Banxso? 

A: The nature of these incidents suggests that victims were indeed led to believe they were engaging directly with Banxso, while in reality, they might have been interacting with entirely separate entities masquerading as Banxso. This deceptive tactic is sophisticated, making it hard to determine the exact pathway each victim took. While some individuals were possibly redirected to counterfeit websites aimed at data exploitation, others landed on Banxso’s official site under the false impression that it was the source of the scam. It’s important to note that our platform might not be the sole target of such schemes, but we refrain from naming other platforms to avoid giving scammers any advantage. For those who arrived at our authentic site, their journey appeared as if they had signed up organically from our homepage. Unfortunately, without the explicit sharing of referral paths by legitimate media vendors—which is not available with redirects or cloakers—it’s challenging to trace the origins of each client’s arrival accurately.

Q: If it can be shown that for instance Adv Petra van Niekerk saw her payments resulting from responding to a deep fake ad flow to Banxso, by what metric did Banxso conclude the “attack was a failure”? 

A: The classification of the attack as a failure is based on our robust security measures that prevent unauthorized activities, including the potential misuse of our platform by schemes such as the one in question. In the case of Miss Petra van Niekerk, her interactions on our platform presented as if she had directly accessed Banxso’s homepage without any intermediary. It’s essential to note that although Miss van Niekerk believed she would be trading using an automated bot promised by Immediate Matrix, her trading activity on Banxso was conducted manually, with no evidence of bot usage.

Our records clearly show her active engagement in trading, which raises questions about the claimed connection to the scam. The absence of any automated trading bot in her account activities and her decision to continue trading independently, despite the non-existence of the purported bot, underscores the disconnect between her trading behavior and the alleged scam. This emphasizes the critical importance of traders conducting due diligence and understanding the platform they are using.

In terms of classifying the attack as a failure, the fact that her financial details were not compromised, along with any data she shared with Banxso on the Banxso website, shows the attack was not successful.

Q: Does Banxso in finality assert that the company received no payments into any of its accounts from any individuals affected by/responding to the click through generated by the deep fake ad solicitation? 

A: Banxso acknowledges that it cannot definitively state that the company received no payments into any of its accounts from individuals affected by or responding to the click-through generated by the deep fake ad solicitation. Despite our proactive efforts to raise awareness, issue warnings, and implement preventive measures, the evolving nature of online scams poses a significant challenge. Miss Van Niekerk’s case is illustrative; she did not disclose her exposure to the scam until after experiencing substantial losses, highlighting the complex and clandestine nature of such fraudulent activities. While Banxso endeavors to educate and protect its clients, it recognizes the persistent threat posed by sophisticated online scams, which demand continued vigilance and mitigation efforts.

Q: Please could you give an indication as to how Banxso attracts clients to their trading platform/website in the normal course of business?

A: Banxso employs a variety of methods to attract clients to our trading platform and website. Primarily, we utilize conventional media channels and affiliate marketing to reach potential customers. Additionally, we invest in organic search engine optimization (SEO) strategies, leveraging our brand recognition and sponsorships to enhance our online visibility and attract organic traffic to our platform. These combined efforts enable us to effectively engage with our target audience and promote our services in a competitive market landscape.

Q: In the normal course of business does Banxso ever attempt to curate customer origination source?

A: Yes, as part of our standard operating procedures, Banxso endeavors to curate and track the origin of customer traffic to our platform. However, it’s important to note that while we consistently strive to identify the source of each click on our platform, organic clicks present a challenge in this regard. Unlike clicks originating from conventional media or affiliate sources, organic clicks often lack a clear pathway, making it difficult to ascertain their origin accurately. Despite this limitation, we remain committed to monitoring and analyzing customer traffic to the best of our ability to optimize our marketing strategies and enhance customer engagement.

Q: To assist with ad spend and ROI, does Banxso, especially trading as quite a new entity, have a function in welcoming new customers which asks new clients how they came to hear of Banxso as many companies do?

A: Yes, Banxso does have a mechanism in place to inquire about how new clients learned about our platform, as is common practice in many companies. However, it’s important to note that while we have this function, we cannot compel clients to disclose their referral source. Unfortunately, many scam victims may choose not to divulge this information out of fear of being barred from using their purported autobot on the Banxso platform until it’s too late.

Q: In light of Banxso discovering this “malpractice”, acknowledging that these deep fakes are a fraud, that many “investors” were contacted subsequently by “people who were claiming to be Banxso employees”, does Banxso claim that some “investors” inadvertantly slipped through the Immediate Matrix (a company with which Banxso has no ties) “net”, and landed up “accidentally” benefitting Banxso?

A: Banxso recognizes the severity of the situation where fraudulent entities, such as Immediate Matrix, have exploited the trust in our platform to deceive investors. While Banxso has no affiliations with Immediate Matrix, it is conceivable that some individuals, misled by these fraudulent schemes, could have ended up engaging with Banxso’s platform. It’s crucial to emphasize that any such occurrences were entirely unintended and not the result of direct actions taken by Banxso to solicit these engagements. Our platform’s integrity and the trust of our investors are paramount, and any benefit derived from these unfortunate circumstances is viewed with serious concern. We are committed to rectifying any such situations to the best of our ability, reinforcing our dedication to ethical practices.

Q: If Banxso has concluded a highly technical and in depth investigation and has identified this practice, can Banxso indicate how many customers they have managed to identify during the course of their exhaustive internal investigation?

A: During our extensive internal investigation, we have utilized sophisticated analytical tools and techniques to identify potential victims who may have been misled into using our platform through fraudulent schemes. While we strive for transparency, the details regarding the number of affected customers identified will remain confidential until the scam is fully addressed and no longer active online. Our primary goal has been to assess the impact and immediately take corrective action where possible, including assisting all victims of this scam, regardless of the trading platform they were led to.

Q: How many victims has Banxso identified itself, and how many victims has Banxso offered restitution of Banxso own volition as of today’s date?

A: The precise number of victims Banxso has identified and to whom restitution has been offered is under ongoing evaluation and subject to confidentiality constraints. Banxso is dedicated to assisting affected individuals on a case-by-case basis, offering support and restitution where it is within our capacity to do so and where involvement through Immediate Matrix or similar schemes is evident. Once we have concluded our actions, we will release a comprehensive statement to BizNews with exact numbers.

Q: Finally, has Banxso reported this “serious attack” and laid a criminal complaint, a serious attack, causing what is obvious actual and potential prejudice to investors and causing obvious reputational damage and potential serious damage and risk to the South African investment environment, has Banxso reported this attack to the Directorate of Priority Crimes Investigation (HAWKS), the Special Investigation Unit (SIU), SARS, also the South African Reserve Bank and the Financial Intelligence Center (FIC), as this type of crime aspect would fall under all their remit without exception to one greater or lesser degree or another?

A:  Banxso takes the threat posed by such fraudulent activities extremely seriously and has reported the issue to relevant authorities. Given that some cases are still open, we cannot comment on specific entities involved. Recognizing the complexity and potential impact of these schemes, we assert that it is the prerogative of these agencies to conduct investigations and take appropriate action. Our cooperation with these entities is ongoing, and we are fully committed to providing any necessary assistance to facilitate their investigations.

Q: Is Banxso co-operating with or assisting the authorities in any way by making it’s considerable technical expertise and resources available Banxso claims it has, in tracking down the criminals behind these schemes?

A. As part of our commitment to combating financial fraud and protecting the investment environment in South Africa, Banxso is actively cooperating with authorities in their efforts to track down and apprehend the criminals behind these schemes. We encourage any authorities to leverage our technical expertise and resources available to support these efforts, demonstrating our resolve to contribute positively to the broader fight against investment fraud and to safeguard the interests of investors and the integrity of the South African financial market. Our team is eager to work closely with law enforcement and regulatory bodies, sharing insights, data, and analysis that could aid in identifying and prosecuting the perpetrators of these schemes.

Q: How many investors who became clients of Banxso through Immediate Matrix, actually made money?

A: Unfortunately, we do not have access to specific data regarding the financial outcomes of investors who became clients of Banxso through Immediate Matrix. Ascertaining the profitability of individual clients would require detailed account information, including trading history and performance metrics, which we do not possess for clients who may have been referred through Immediate Matrix. Therefore, we are unable to provide an accurate count of investors who made money under these circumstances.

Q: How did it come about that the investors who lost money, lost the money? 

A: From our investigations and the reports we have received, it appears that investors who lost money did so through various means. Some fell victim to purchasing fake trading bots, believing they would automate their trading activities, only to find out that such bots did not exist or perform as promised. Others lost money by depositing funds into rogue trading websites, which may have falsely presented themselves as legitimate trading platforms. It’s important to clarify that in these instances, we consider individuals affected by these deceptive practices as victims rather than investors, as they were misled into fraudulent schemes with no legitimate investment opportunities.

Q: How did it come about that many people who became clients of Banxso through Immediate Matrix, lost all their money?

A: Many individuals who became clients of Banxso through Immediate Matrix experienced significant losses due to the use of a fake trading bot. It’s crucial to emphasize that Banxso was not involved in the creation or promotion of this bot, nor did it have any association with Immediate Matrix’s deceptive activities. We are deeply concerned about the financial losses suffered by these individuals and are committed to addressing their concerns. As part of our commitment to client satisfaction and integrity, Banxso has undertaken to refund all clients who can provide evidence of trading through this autobot. We urge affected clients to come forward and provide the necessary documentation to facilitate their refunds.

Q: What is the nature of the investments that people made? For example, did they buy shares, did they buy foreign currency, etc?

A: The nature of the investments made by individuals who became clients of Banxso through Immediate Matrix primarily involved trading Contracts for Difference (CFDs). Banxso provides a self-use platform where traders can engage in CFD trading, allowing them to speculate on the price movements of various financial instruments such as stocks, foreign currencies, commodities, and indices.

Q: Where did the invetsment money end up?

A: For customers who landed on the Banxso website and made a deposit through the legitimate channels, their investment funds were securely held in Banxso’s customer segregated accounts. These segregated accounts are established to ensure the separation of clients’ funds from the company’s operational funds, providing an added layer of protection for clients’ assets. However, for individuals who did not engage with Banxso but fell victim to scams orchestrated by entities like Immediate Matrix, the destination of their investment funds remains unknown to Banxso. We cannot account for the handling or whereabouts of funds deposited outside of Banxso’s legitimate channels.

Q: Seeing that the investors lost money, then who benefitted from the loss?

A: In the context of trading activities conducted on the Banxso platform, where investors experienced losses, it’s important to note that trading involves inherent risks, and losses can occur due to market fluctuations and individual trading decisions. In such cases, the counterparties to these trades, as is customary in the trading world of options and CFDs, would benefit from the losses incurred by investors. Banxso, as an STP (Straight Through Processing) broker, facilitates these trades and earns revenue through trading fees, irrespective of the outcome of individual trades. However, it’s crucial to emphasize that Banxso’s revenue model is not contingent upon clients’ losses, and the company does not directly benefit from clients’ trading losses. Our role is to provide a transparent and secure trading environment, where clients can execute their trading strategies with confidence, while acknowledging and managing the inherent risks involved in trading.

Q: Did the investors who lost money, invest their money on the advice of Banxso? 

A: No, the investors who experienced losses did not invest their money based on advice from Banxso. Banxso operates solely as a trading platform and does not provide investment advice or manage clients’ funds. As a platform, Banxso facilitates trading activities for its clients, allowing them to execute trades based on their own investment decisions and strategies. Banxso does not offer recommendations or advice regarding specific investment opportunities or trading decisions. Therefore, any investments made by clients on the Banxso platform are solely based on their own discretion and are not influenced by advice or recommendations from Banxso.

Q: If the Immediate Matrix embarked on this costly scheme to discredit Banxso, how did they know that all the investors would lose their money so that Banxso would look bad?

A: It’s important to clarify that there is no evidence to suggest that Immediate Matrix embarked on a scheme to deliberately discredit Banxso with the intention of causing investors to lose money. While we cannot definitively determine the intentions of the scammers, it’s evident that Banxso was merely a tool utilized in their deceptive scheme.

The actions of Immediate Matrix and the individuals behind such schemes are primarily focused on misleading individuals for their own gain, rather than specifically targeting Banxso or any other entity. Banxso acknowledges that it was unwittingly involved in these deceptive practices.

Regarding the investors who may have experienced losses, it’s essential to recognize that we cannot confirm whether investors who interacted with Immediate Matrix or similar schemes necessarily incurred financial losses or traded on the Banxso platform. As previously mentioned, it is not feasible for us to ascertain this information.

Additionally, Banxso has not been made aware of all individuals who may have been affected by such schemes, as many victims may not have come forward to report their experiences or seek refunds. We encourage anyone who believes they have been affected by deceptive schemes to reach out directly to address their concerns and explore potential remedies.

Banxso’s priority is to ensure the integrity of its platform and the protection of its clients. We remain committed to providing support and assistance to our clients and will take appropriate actions to address any legitimate claims or issues raised.

Q: Not everyone who lost money on Banxso’s platform was led to the platform via the Immediate Matrix advertisement, but also by various other false advertisements, and lost their money. Are you aware of this? 

A: Absolutely, Banxso is well aware that Immediate Matrix is just one of many entities involved in this fraudulent scheme. The deceptive practices extend beyond Immediate Matrix, with various other false advertisements being used to lure unsuspecting individuals. Unfortunately, the nature of these scams allows for quick replication and rebranding, making it challenging to track all instances and variations.

We acknowledge the widespread use of false advertisements and deceptive tactics by these entities, which have led individuals to lose their money on Banxso’s platform and others. It’s a concerning trend that highlights the need for increased vigilance and awareness among investors and regulatory authorities.

Banxso remains committed to combating these fraudulent activities and protecting its clients from falling victim to such scams. We continuously monitor and strengthen our security measures to safeguard our platform and clients against these threats. Additionally, we urge individuals to exercise caution and conduct thorough due diligence before engaging with any online trading platforms or investment opportunities.

Q: Why is it that an investor who reaches the platform from a link other than a deepfake advertisement, has a better chance of not losing their money, according to Banxso? Because some complainants who had reached the Banxso platform through the Banxso website, also lost all their money?

A: The distinction lies in the behavior and intentions of investors who arrive at the Banxso platform through different channels. Those who come through legitimate channels, such as the Banxso website, are less likely to engage in risky behavior, such as attempting to use fake autobots to trade on the platform. These investors typically have a genuine interest in trading and are more likely to approach it with a cautious and informed mindset.

However, it’s essential to recognize that trading CFDs inherently involves risk, and there are no guarantees of profit. Regardless of how investors arrive at the platform, losses can occur due to market volatility and other factors inherent in trading. Banxso emphasizes the importance of responsible trading and provides clear warnings about the risks involved in CFD trading on its platform.

It’s worth noting that while some investors may incur losses, others may experience gains. Unfortunately, it’s often the cases of losses that garner attention, while instances of successful trading may go unreported. Banxso remains committed to providing a transparent and secure trading environment for all its clients and encourages responsible trading practices to mitigate risks.

Q: What is the relevance of how an investor arrives at Banxso’s platform and why are the chances that they would lose money greater if they arrived on Banxso’s platform by Immediate Matrix. What difference does it make if they arrived at Banxso’s platform in any other way? 

A: The relevance of how an investor arrives at Banxso’s platform lies in the behavior and mindset of the investor. Those who arrive through legitimate channels, such as the Banxso website, typically have a genuine interest in trading and are more likely to approach it with caution and informed decision-making. They are more likely to understand the risks involved and implement better risk management strategies.

On the other hand, investors who arrive at Banxso’s platform through deceptive schemes, such as Immediate Matrix, may have been lured in by promises of quick and easy profits through fake trading bots or other fraudulent methods. These investors may be more susceptible to risky behavior and may not fully understand the risks associated with trading CFDs. As a result, they may be more likely to incur losses due to their lack of knowledge and experience in trading.

In summary, the way investors arrive at Banxso’s platform can significantly impact their trading behavior and likelihood of success. Those who come through legitimate channels are more likely to trade responsibly and have a better understanding of the risks involved, while those who are deceived by fraudulent schemes may be more vulnerable to losses due to their lack of knowledge and experience.

Q: Why are one’s chances better to make money if you arrive at the Banxso investment platform via an advertisement other than by clicking on a deepfake advertisement? Because apparently it does not matter – you did not know where it came from? 

A: The chances of making money when arriving at the Banxso investment platform via an advertisement other than a deepfake advertisement are not necessarily better. The source of the advertisement does not directly correlate with one’s success or failure in trading. However, it’s essential to understand that traders who arrive at the platform through legitimate channels, such as authentic advertisements or referrals, may be more likely to have a genuine interest in trading and a better understanding of the risks involved.

That being said, success in trading is not solely determined by how one arrives at the platform. Factors such as knowledge, experience, risk management techniques, market conditions, and luck all play significant roles in determining trading outcomes. While some traders may achieve success regardless of how they arrived at the platform, others may struggle or experience losses due to various factors unrelated to the source of the advertisement.

In the realm of CFD trading, it’s essential to recognize that a significant percentage of accounts typically result in losses, primarily due to financial mismanagement, lack of risk management techniques, and emotional decision-making influenced by greed or fear. These factors are universal in trading and apply regardless of how one arrives at the trading platform. Therefore, while the source of the advertisement may vary, the fundamental principles of trading and the challenges faced by traders remain consistent.

Q: What role does Ms Lara Huges-Thom hold in Banxso? 

A: Ms. Lara Huges-Thom serves as the Chief Legal Officer (CLO) of Banxso South Africa (Banxso PTY), where she holds a full-time position. As CLO, she is responsible for overseeing all legal matters related to Banxso’s operations in South Africa, ensuring compliance with regulatory requirements, managing legal risks, and providing legal guidance and support to the organization. Ms. Huges-Thom plays a crucial role in safeguarding Banxso’s legal interests and upholding its commitment to operating within the framework of applicable laws and regulations.

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