Online Investment Scams Becoming More Common
Although many online investments seem tempting, you should be aware that online investment fraud is not uncommon. As with any other type of investment, you should always carefully research the promoter and the investment before you make the decision to invest. Here are a few tips for avoiding an online investment scam:
- Don’t fall for “guaranteed” high returns. Higher returns come with higher risks, and anyone who touts a“risk-free” investment or “guaranteed” returnsis probably not legitimate.
- Guard your personal information online. Although it should go without saying, never give out your personal financial information online. That goes for email, web forums, social media sites, chat clients, etc.
- Always ask for it in writing. Ask for a hardcopy of the prospectus or circular, and gather any other documents related to the investment. Review these documents carefully, and verify what you’ve been told with an outside source.
- Schedule a face-to-face meeting with the promoter. You can learn a lot about an investment promoter or broker by meeting in person. If you have done some research and are still interested, ask to meet at his or her office to discuss the opportunity further.
If you would like to learn more about protecting yourself and spotting investment scams, please request your FREE copy of our helpful book, Five Signs of Investment Fraud …And What to Do if it’s Happened to You.
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