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Our final question of the week during Fraud Prevention Month asks what you should do if you do fall victim to an investment scam or fraud?
If you think you are the victim of a financial scam or fraud, do not sit idly by and do nothing. Take action! Here are some basic steps to take:
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No one likes paying taxes. Scam artists know this and often try to use it to pull off a scam. However, just because someone says they can save you taxes on your investments doesn’t mean they can, nor does it mean they can do so legally. Enter offshore investment and pension/retirement scams.
Offshore investments scams promise a high rate of return for an investment in an offshore market. They’ll also throw in the caveat that an offshore investment is a great – and legal - way to avoid taxes.
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The honest answer to this question is maybe. It all depends on the seminar you are attending. Is this an educational seminar, or a seminar where a product is being pitched and sold? Investment seminars, or free lunches, are a common and relatively easy way for salespeople to promote and sell investments. However, the investments are not always right for those who attend the seminars.
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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?