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Trying to Get Rich Can Put Your Hard-Earned Money in Scammers’ Pockets

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As we discussed at the beginning of this month, the newest safety series would focus on different types of scams in 2024. Technology has allowed scammers the ability to develop more sophisticated cons to steal people’s money. Over 10 billion dollars was stolen just last year. This week, let’s focus on investment scams.

Frauds involving too-good-to-be-true investments or business opportunities are now widespread. Scammers use high-pressure measures to lure their victims into making impulsive investment decisions.

If you spend any time on social media, it may appear that everyone is getting rich via online investments these days, but you. As a result, there’s a lot of attention being paid to all different types of new investment opportunities. Since the pandemic, many Americans have begun taking an increased interest in doing their own investing.

Scammers are increasingly targeting people with fake investment and business opportunities, by dangling the false promises of big returns. These scams can take many different forms such as investments in precious metals, real estate, rare coins, stocks or cryptocurrencies.

One of the scams involves sending out phony offers to people by email, instant messaging platforms, social media, or even dating sites. They tell them they can become an investor in a new company, technology, or digital currency, while promising high returns quickly.

Scammers may also refer to legitimate trading platforms and investment options to avoid suspicion. In many of these cases, scammers will offer to set up an investment account on a legitimate trading platform for the victim, if they supply the money. What the victims do not know is that the scammers are either making that account a joint account or are keeping and using their credentials so they can also have access and steal your money.

Even in the age of technology, the old saying remains true, “If it sounds too good to be true, it probably is!” This is why you must continue to educate yourselves on the different types of scams existing today so you can Keep an Eye on Safety over your earned dollars.