The Federal Trade Commission (FTC) reported that adults 60 and over lost $147 million to investment scams in 2021 (over 2x as many victims as in 2020), and even more will become victims in 2024.
Investment scams included:
- Seminars and unsolicited investment advice
- Fraudulent stocks and commodity futures
- Investing in rare coins, gemstones, and art
- Cryptocurrency investments
- Real Estate investments
There are a variety of investment scams out there, from real estate scams to Ponzi schemes. Here are a few things to keep an eye out for.
Real Estate: Are they giving you pressure? Do they have the proper documentation? Are they demanding money from you? Is this an opportunity in another country? These are some of the things to watch out for. Find more information about real estate scams.
Ponzi Schemes: The definition of a Ponzi scheme from the Oxford English Dictionary. “A form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.” It’s usually run by a “portfolio manager” or someone who gives themselves a similar title. Always do your research before investing.
Rare Coin Investment Schemes (Or Similar):
The basics of this one is that the scammers will try to convince you that the dollar will be worthless soon and you’d be better off with rare coins, or gold. The item is not terribly important. What is important is that if you want to invest, always do your research. Be suspicious of anyone who tries to convince you that the only way to keep your money safe is in physical goods.
Have you heard about Amazon 3rd party scams? Learn more!
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