It’s important that you are aware of the signs of investment fraud scams so that you can avoid losing your hard-earned money to them.
Investment fraud, which may also be referred to as stock fraud or securities fraud, involves deceiving potential investors into investing their money in some stock or commodity that doesn’t exist or that is not worth as much as the perpetrators of fraud allege it to be. Investment fraud can be particularly insidious to unknowing investors and/or those who do have a lot of assets because it can ultimately leave these people in financial ruin, causing them to potentially lose their life savings and possibly even to need to file for bankruptcy.
Given the serious consequences of being duped by investment fraud, as well as the fact that scam artists are coming up with new ways to try to defraud the public every day, it’s important that you are aware of the signs of investment fraud scams so that:
- You can avoid losing your hard-earned money to them.
- You can report such scams to the authorities to ensure that the scam artists are held accountable.
Questions to Ask to Protect Yourself from Investment Fraud Scams
If you are presented with an investment opportunity, ask yourself the following questions to help you evaluate whether the opportunity is, in fact, an investment fraud scam:
- Were you approached with this opportunity without seeking it out? (This can be a giant red flag.)
- Do you feel as though you are being steamrolled with high-pressure tactics? (If the answer is “yes,” you may want to steer clear of this “investment.”)
- Have you been asked to provide sensitive personal information (like your social security or credit card numbers) via the phone or Internet? (If so, do NOT give up this information nor invest your money in this “opportunity.”)
- Is the “opportunity” too good to be true? (If so, then there’s got to be a catch, and you should steer clear of this “investment.” Any legitimate investment opportunity usually has some potential downsides, and honest people presenting you with such opportunities should be clear about these possible drawbacks).
For additional information regarding how you can protect yourself from losing money to investment fraud schemes, see the upcoming Part 2 of this blog.
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