How to Protect Yourself from Financial Cons

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There are several classifications of frauds, such as foreign lottery winnings, get-rich-quick schemes, work-from-home opportunities, and hundreds more, and unless you’ve been a victim of one before, you may not be able to spot it. Check out the Best info about Cryptocrime.

The con artists, after these methods, are very astute. Most cons are challenging to spot because they materialize precisely what you’ve sought. They ride on the coattails of established legitimate schemes, such as that not all lotteries are false and not all work-from-home programs are scams. Sometimes it is challenging to discern the difference, but now’s the time to learn!

First, I’d like to dispel some common falsehoods. It is a standard fallacy that the government can ensure the lawfulness of any company. It’s not true. Despite the best efforts of law enforcement in Australia and other affluent countries, scammers may succeed in defrauding hundreds of victims before being discovered.

Another dangerous urban folklore is the idea that there are easy methods for “getting rich” quickly. For instance, millionaires often hold seminars or publish e-books demonstrating how anyone can become wealthy by following their simple advice. These methods can range from a secret stock market plan to making millions from rental property to taking online surveys from the comfort of one’s own home.

Do any of the cons above ring a bell? You undoubtedly encounter them frequently online. Think about it this way: if you discovered a way to get wealthy overnight, would you want word to spread worldwide? Why would person already a multimillionaire need to spend time informing others about it, let alone profit from it?

But you should know that not all scams have a “get rich quick” headline. Instead, some will seduce you with a less considerable but still tempting offer: the chance to leave your regular job and make the same amount of money working part-time from home. Online frauds like these are common and usually just ask for a small initial investment, like $40, in exchange for a “secrets to wealth” e-book.

You might think, “For the chance never to have to work again, I’m willing to risk $40.” Just do it; you won’t regret it. But, unfortunately, there are a lot of possible outcomes when you hand over the $40:

  • Nothing is delivered, and you are never contacted again.
  • You receive insignificant information via email.
  • Even worse, they may start badgering you for additional cash by suggesting an “upgrade” to the next tier or charging you for taxes or shipping (with the promise that you’ll finally hit it big if you pay). Many people have lost tens of thousands of dollars to the infamous “Nigerian Letter Scheme” because of this never-ending loop.
  • They might use threats or intimidation to get you to reveal your financial information, even if they have a legitimate reason for doing so (such as making a deposit into your account or holding onto your credit card information as “security”).

This is a list of the most general scams that you should be aware of:

  • For example, if you receive a letter, phone call, or email claiming that you’ve won money or prizes in sweepstakes or lottery that you didn’t enter, you’ve likely been the target of an “Overseas Lottery.”
  • Anonymous Messages
  • Business opportunities where participants pay a “joining fee” and recruiting new members is the primary focus are known as “pyramid schemes.” Although it is against the law in Australia to engage in such practices, some con artists may try to persuade you that the fake product they are swapping with you makes their scheme legal.
  • The allure of a free or cheap Mobile Phone ring tone can be misleading, as it often conceals that accepting the offer will result in your subscription to a service that will continuously send you ring tones — at a premium charge. (for instance, a weekly subscription of $10) While there are legal enterprises out there offering ringtones, some scammers may attempt to obscure the exact cost of the deal.

There are, of course, a great deal more. But, unfortunately, I can’t name them all here.

When in doubt, apply the adage that “if it sounds too good to be true, it probably is.” I know this is a somewhat pessimistic philosophy; the “positive thinking” and “life administration” gurus would die shocked if they heard me preaching such gloom and doom! But they need to consider what’s best for your money.

If you receive a suspicious offer, here is what you should do:

To a human being: Say “NO THANKS” and leave.

By Telephone: Reply “NO THANKS” and hang up.

By electronic mail: Don’t bother reading it, and don’t click any links in the email.

By mail: Get rid of it.

If you’re having second thoughts about rejecting the offer out of fear that it might be genuine, try this instead.

The salesperson who insists that “you must take up the offer today” should immediately raise red flags. On the other hand, if the deal is authentic, the salesperson should be willing to give you materials to review in the comfort of your own home. In addition, a telemarketer should be ready to send you additional details or provide a contact number to dial back in if interested.

If you still need to decide whether this offer is legitimate, jot down your concerns. Then, bring over someone who will be tough on the salesperson (the most analytical, least easily engraved person you know!). Get everything in writing and make sure all of your inquiries are answered to your satisfaction.

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