EP236 Good Investment or Investment Scam?
In Canada, the top scam is an investment scam that cost Canadians over $163 million in 2021. Any solicitation for investments into false or deceptive investment opportunities falsely promises higher-than-normal returns, but—unsurprisingly—investors lose most or all of their money. Ongoing investment scams include cryptocurrency, fixed income, the “pump and dump,” Ponzi, Initial Coin Offerings, franchise/business opportunities, Gem, and Pyramid. In this episode, I will be sharing information on each of these and giving tips on how to avoid these scams moving forward.
Unfortunately, once you’ve sent money to a scammer, it’s probably no longer accessible. However, it is still recommended to tell your bank or credit card company about the scam so you can protect your accounts from further harm. Listen in as I explain who to report these frauds to, as well as how this can help others moving forward.
“Reporting an investment scam won’t undo the damage done, but it may save others from falling victim to the same fraudster.“ – Tracey Bissett
This Week on Young Money:
- How to spot an investment scam.
- The importance of consulting with a professional before sending money.
- What to do if you’re caught in an investment scam.
- Why it’s crucial to report cybercrimes.
- Investment scams to be aware of.
Key takeaways:
- Don’t be afraid to say no.
- Take the time you need to research the investment.
- Get a second opinion from someone you trust.
- Do your research.
- Don’t give out personal information.
- Beware of upfront fees.
Resources Mentioned:
- Tracey Bissett – The Money Coach for Entrepreneurs YouTube Channel
- EP130 Show Me The Fraud – Fraud Prevention Month
- EP023 How to Protect Yourself from Fraud
- EP074 How to Protect Your Business from Fraud
- EP132 How to Protect Yourself from Fraud with Julie Kuzmic of Equifax
- EP235 How to Protect Yourself from the Romance Scam
- Canadian Anti-Fraud Centre
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