We have been monitoring the TrustPilot review platform in the context of scams activities. Specifically, we have reported on the case of Capital Way aka Capital Way Group on the basis of a public investor warning issued by the UK regulator FCA. While the UK watchdog warned investors about the scam, the scam on TrustPilot still gets 5-stars reviews. A 1-star rating of FinTelegram referring to the FCA warning has been temporarily put offline by TrustPilot after the Capital Way guys complained about a possible breach of guidelines.
Warning investors against the guidelines?
In the respective TrustPilot review published by the FinTelegram editor only the FMA warning was referred to and the findings from the FCA investor warning that Capital Way is operated by an unlicensed offshore company (see screenshot above). Fact-based and factual.
I registered on 10 Sept 2020 with Capital Way (aka Capital Way Group) and then found out that the UK regulator FCA issued an investor warning. Apparently, Capital Way is not offering a legitimate service. I did some research and found that the broker is operated via an offshore entity on the Marshall Islands. I recommend to be very careful.FinTElegram Review Capital Way on TrustPilot (link)
In addition, FinTelegram registered as a customer on the Capital Way platform, tested some functionalities such as deposits or trading, and hence has a “genuine experience” as a client of the alleged scam as requested by the TrustPilot rules. Read the FinTelegram review here.
If a review including the statement that a public warning from authority has been issued against a provider rated on TrustPilot is even a possible violation of the guidelines, TrustPilot is a very dangerous instrument. Apparently, Capital Way has a paid TrustPilot account and thus apparently enjoys a certain degree of protection of the rating platform in return.
The TrustPilot responsibility
We understand that TrustPilot must check in case of a complaint of one of its clients like Capital Way. Sure it has! But it must not take more than 24 hours before an urgent investor warning is checked and the review re-activated. Something is not right, not right at all with the TrustPilot system.
Any minute now with the investor warning offline, more victims could fall for the FCA’s illegal offer with a 5-stars rating. TrustPilot as the operator of the platform and the moderator of content is then responsible for client losses.
Fake rating machine?
The number of fake ratings on TrustPilot is constantly increasing. The platform is increasingly being used by scammers and cybercriminals for their purposes. This is extremely dangerous for consumers. Unfortunately, few consumers read the investor warnings from regulators, but they do read TrustPilot reviews and ratings.
This “protection of the scammers” by TrustPilot is not only used by Capital Way, but by a large number of scammers. We, therefore, repeat our warning not to trust TrustPilot ratings. Many of them are bought, manipulated, and misleading at least.