Fake Broker Scams via Wise
How bogus trading platforms ask victims to fund accounts through Wise transfers to collect deposits across borders.
Part of: Fake Broker Scams
Last reviewed: 1 June 2026
Fake broker scams sometimes direct victims to fund their trading accounts through Wise, a multi-currency money-transfer service used widely for cross-border payments. The platform frames Wise as a convenient, low-fee way to deposit, especially for international clients.
Once funds reach the recipient the fraudster controls, they can be moved on, and Wise is a neutral transfer rail being misused here rather than a party to the fraud. Regulated brokers do not require deposits to a personal Wise recipient supplied by an unverified account manager.
How this scam works on Wise
An account manager recruits the victim through social media or messaging and recommends funding via Wise to a named recipient, citing favorable exchange rates and speed for international transfers.
The deposit is received and moved onward while the platform dashboard shows growing balances. When the victim attempts a withdrawal, the platform demands additional Wise transfers for 'fees' or 'taxes' before releasing funds.
The withdrawals never arrive. The recipient details often point to an individual unconnected to the brand, and the funds are dispersed before the victim recognizes the pattern.
Common red flags
- A broker asks you to fund your account via Wise to a personal recipient
- The recipient name is unrelated to the platform's brand
- Withdrawals require more Wise transfers for fees or taxes
- The broker is not registered with your national financial regulator
- An account manager pressures you to deposit quickly for 'better rates'
- Profits shown on the dashboard look too steady to be real
How to protect yourself
- Verify the broker with your national regulator before sending any Wise transfer
- Be wary when a recipient name does not match the platform brand
- Never send more Wise transfers to 'release' a withdrawal
- Report misuse of the transfer service so the recipient can be reviewed
- Keep records of recipients, references, and platform messages
- Report quickly, as transferred funds can be moved on rapidly
How to report it
- Report to your national financial regulator's fraud reporting service
- Report the recipient and transaction to Wise's fraud and support channels
- Report to the FBI Internet Crime Complaint Center at ic3.gov or your local equivalent
Frequently asked questions
Is Wise responsible if a fake broker uses it?
Wise is a neutral money-transfer service being misused by fraudsters; the responsibility lies with the scammer. Report the recipient to Wise so it can review the account, but recovery depends on how quickly the funds are flagged before being moved on.