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Today’s Fraud Friday post will look at two common scams - Exempt Securities Scams & Forex Scams. Both scams involve legitimate investments options, exempt securities and forex, but the way they are being offered and sold is disingenuous.
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Pump and dump scams have been around for decades, but have found new life in recent years online. Before we explain how the Internet has provided a new avenue to pump and dump scammers let’s explain what a pump and dump is and how it works.
A typical pump and dump is separated into two parts. First comes the pump....
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Affinity Fraud is particularly offensive because fraudsters prey upon people’s trust, confidence and faith.
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You may hear the term Ponzi Scheme thrown around quite frequently. It’s shows up in the news occasionally when a scheme collapses and it’s revealed numerous people have lost their money. Ponzi schemes are the subject of numerous movies and television shows such as Tower Heist, Leverage and even an episode of Archer.
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March is Fraud Prevention Month so for the entire month we’ll be publishing special posts on investment fraud. Along with our usual Question of the week posts that come out every Wednesday, we’ll be upping the ante with Fraud Friday. Every Friday throughout March we’ll publish a post on investment fraud. We’ll be talking about various scams, of which Nova Scotians need to be mindful, includng affinity fraud, forex scams and binary options.
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March is Fraud Prevention Month and throughout the month we’ll be focusing on fraud. Today’s question is all about how you can spot investment fraud and scams and avoid losing your money.
Unfortunately, there are many fraudsters out there looking to take advantage of people looking for the next get-rich-quick investment to earn them big money. Knowing the warning signs of fraud will help you tell the difference between what fake and what’s real. Here are a few of the warning signs to look for…
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Everyone needs some help sometimes. Even with investing. Choosing the right adviser for you is important to reach your financial goals. An adviser can help manage your investments for you if you are not comfortable doing this work yourself due to a lack of knowledge, time or interest.
When you’re looking for the right adviser there are some quick questions you can ask yourself and your potential candidates to make sure you get the most out of the client-adviser relationship.
Are they registered?
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The list of investments for your money is endless. You could invest in real estate, comic books, baseball cards, or even an emu farm. We’ll be staying away from the collectables and animals today though. The common investments we’ll be examining are the products you might commonly find offered at your local bank, or by a financial adviser or broker.
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The simple answer to this question is: Yes, every investment has some amount of risk. Period. When it comes to investing, the higher the potential return, the higher the risk. Maybe the most important thing to remember when it comes to risk and investing is –
There is no such thing as a high return, no risk investment.
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Unfortunately, there is no one blue print to follow to get started with investing or a one-size-fits-all plan. There is no magic formula or steps you can follow to ensure you’ll become a successful investor. Remember, the adage, if it sounds too good to be true – it probably is? That rings true for investing as well.
That all being said there are initial steps you can take when you start investing to make sure you invest wisely and safely.