In recent years, forex trading has been quite popular, particularly during the Covid Era

Yet, luring retail investors to your platform necessitates marketing work, which notably frequently manifests itself in the form of welcome, deposit, or refund benefits.

Regrettably, both professional and novice fraudsters seize the chance to take advantage of incentives like this. Let’s examine how your forex trading software can now identify bonus misuse.

How Does Bonus Abuse Affect Forex Trading?

Incentives are designed to assist draw in new clients and keep existing ones. Your FX platform stands to lose a lot of scammers who take advantage of them:

  • Every incentive offered is money you won’t receive back from your marketing budget.
  • Fraudsters are drawn to your platform by your perks, and once they’re signed up, they may cause all sorts of trouble, driving up chargeback rates and problematic transactions.
  • Possible legal and KYC difficulties: The fundamental component of bonus misuse is multi-accounting. Moreover, fraudsters will utilise stolen identities to open several accounts. Your compliance requirements might suffer as a result, which is risky.
  • The greater quantity of manual reviews: It takes time and effort to separate the good users from the bad ones. Your risk team would presumably prefer to spend these funds elsewhere.

How Can Bonus Abuse In Forex Trading Be Spotted?

Several accounts made by the same individual are crucial factors to consider when trying to find and stop bonus abusers, as was previously indicated.

It may be an alone, simple fraudster. Alternatively, it may be a big network of organised crime. The outcomes are the same: dozens of accounts coming from the same source try to benefit from your incentive programme.


The way you respond should be guided by this information. Here are a few possibilities:

  • Increased identity verification standards? IDV is wonderful in principle, but it can be difficult to implement, especially if you want to increase your user base.
  • Additional reviews of manuals? This might be effective, but your organisation might not have the resources required. That doesn’t scale, too.
  • Behavioural research? Sometimes it’s necessary to look at how users engage with your FX platform to determine who will be high-risk or not. You can achieve this with the aid of a smart fraud protection tool.

Identifying relationships between accounts? This is an important technique to adopt to spot fraudulent accounts as soon as they start using your platform to sign up or even claim incentives.
To reach the sweet spot that attracts more consumers without taking on too much risk, you should frequently assess your incentive programme in addition to optimising your bonus abuse prevention.

Top 3 Individual Guidelines to Prevent Bonus Abuse in Forex Trading

Let’s explore the rules to implement on your FX exchange in more detail now that we have a clearer understanding of our risk approach intended to identify bonus abusers.

1:Password hashes are the same among users

Bonus abusers who set up several accounts are unable to spend hours methodically constructing every aspect of their registration to build a false identity. They occasionally use the same elements again. And in this manner, proof of a link between several accounts might be missed.

With a password hash, this is more obvious than everywhere else. This is a password-generated, anonymous identification parameter that is encrypted. When two of them match, it indicates that even though you can’t read the password, the users have the same password.

Also, the chance that you’re interacting with the same individual increases if two or more people have the same password hash.

It should be noted that the identical rule may be produced using either a browser or device hash. They examine various software and hardware setup settings (OS, window size, device version, etc.).

Based on these choices, you may make distinctive identifiers to identify connections between people.

2: Cookies turned off by the customer

The browser that a user selects to access your website delivers a wealth of information, speaking about browsers. The use of their configuration as an identifier has previously been highlighted, but you may also concentrate on certain data points that are regarded as questionable.

In the context of this rule, a lack of data points—missing cookies on the user’s end—raises concerns.

Why does this seem odd?

There are two possible outcomes. One, you’re working with a new session or a privacy-focused extension.

Yet, it’s also possible that you’ll be bringing on a user who uses a browser that is made to evade anti-fraud detection.

Once more, this is a sign that you’re dealing with a pretty experienced fraudster who manually generates several accounts (or uses bots). The very fact that they’re attempting to hide their identity should raise red flags.

3:IP and Card Country Do Not Match

Two rules used at the signup step have been examined thus far. Another critical period to keep an eye on consumers is when they make their initial deposit onto your FX platform.

There is still time to gather further data to detect fraud because it’s likely that you only permit clients to claim their incentives after that step.

Here, a straightforward custom rule is created to assist us in identifying cards associated with a place that is distinct from the IP address.


This addresses two potential deception strategies.

The consumer is signing up for a VPN (which we can also identify) while using their actual card to disguise their IP address.
Your situation can include a stolen credit card, which is more concerning. In both cases, you should raise the deposit’s risk score to request additional verification.

Finally, it’s crucial to remember that the sort of card you are using may be a sign of fraud. For instance, prepaid cards have a larger risk than regular credit cards.

How iforexview Helps Foreign Exchange Trading Firms in Combating Bonus Abuse

Ifoexview is made to enable you to ask your broker for as much information as you can with the aid of reputable financial attorneys. Since they are experts in their fields, these lawyers.

To eliminate low, medium, and high-risk interactions with your platform, we even enable you to define rules that evaluate user behaviour.

You should be able to manage risk more effectively as a result. This is essential for FX trading platforms to identify links between clients intended to take advantage of your promotions and bonus programmes, both at the registration stage and between existing accounts.

Interested in finding out more about how iforexview might benefit your forex trading business? Get a demo or register for free right now.