My Alfred scam call

MyAlfred website screenshot

I just got a call from 0485 815 487 claiming to be from My Alfred for automated trading.

I was caught off-guard because the guy had an Australian accent, and sounded more mature. Actually the whole site is targeted and tailored to Aussies.

He started by claiming 3-20% return on capital per month. Nobody can deliver that and if they can they don’t make cold calls to strangers to share it.

My first question was “How did you get my number?” The lies started there with “You probably made a financial enquiry online, that’s how we usually get numbers in our system.”

I never make financial enquiries online with that number. So yep that is illegal. Legitimate brokers know where their enquiries come from.

As soon as I started saying “This sounds like a scam”, he said “that’s your opinion” and hung up. Which is what scammers do. Legitimate brokers start providing evidence that they are regulated and have real world presence in Australia.

I didn’t even get ask about Australian Financial Services licences, which they are required to have in order to call me or you. AFS Licences are not difficult to get unless you are a scammer. Plus an AFS Licence helps prove the business is legitimate.

According to their website MyAlfred’s street address is a serviced office in Brisbane hosted by AtWorkSpaces or @WORKSPACES but I can’t find a company name behind the host. There are a lot of real estate listings for that address, so maybe they just have a dodgy tenant?

Looking at the website, it has the usual red flags when combined with an unexpected cold call:

  • Forex
  • Commodities
  • Indexes
  • Derivatives
  • “Completely automatic”
  • “You dont need to lift a finger”

At least they have a disclaimer:

Disclaimer: Trading derivative products are not suitable for all investors. The derivative market carries risks to your investment, including the possible loss of part or all of your investment. Our website contains general information only. Before investing, It is recommended that traders consider whether the derivative market is an appropriate investment avenue in regards to risks, personal experience, and financial condition.

MyAlfred website

Also on the website is My Alfred is a software product of Forex EA Pty Ltd. This is supported by their website registration info.

Forex EA Pty Ltd entered an enforcable undertaking with Australian Communications and Media Authority on 9 December 2021 for failing to comply with the Do Not Call Register Act 2006. Another strike.

On a positive note MyAlfred’s whois information is not privacy protected. This is unusual as most scammers hide their registration information. Legitimate financial services firms also do not privacy protect their registration information.

The auto trading robot looks like MetaTrader 4 or 5, I can’t tell from the grainy screenshot they’ve included. I’d guess Version 4 as that is the most popular. 100% of scammers use MetaTrader but not all MetaTrader using companies are scammers.

My number is on the Australian Do Not Call Register so I should not have been called.

More importantly, if they are merely selling access to highly-leveraged derivatives trades with custom indicators on a MetaTrader platform, that is not illegal. The horrible part of the business model is cold-calling Australians who mostly do not understand the risks associated with those choices. There are legitimate ways to tap into a market of people wanting to up their risk and rewards, but outbound telemarketing is too expensive for legitimate operators.

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