Financial scams have been a danger since finance first emerged as an economic activity. To this day, the prospect of easy money using deception, fraud, or any illicit means attracts criminals who think they can get away with it.
Investment scams have been a common type for ages. People are lured by the promise of easy returns, only to lose everything. Some are local and relatively small; others are enormous and even international in scale, such as the Bernie Madoff case.
Banking scams are also a danger, having been around in some form or another since the first banks came into existence.
Financial scams are a broad class of crime, but learning about them as they emerge can be invaluable. Keeping your eye on those that emerge can help you recognize the warning signs of a financial scam that’s trying to lure you or others in.
How the scam works: Scammers send millions of e-mails at once, offering a very hot tip in the stock market. They give the name of a small company, whose shares are worth a few cents per piece, and they guarantee that the prices will sky-rocket in the next few days. What they do is buy … Buying Shares Read More »
Fake Check Scams: How They Work (with video below) The Fake Check Scam occurs this way: the scammer asks for your business services – whatever they might be – and sends you a check with an amount that’s much bigger than the one you asked. Then, the criminals acknowledge his mistake but give you the … Check in the Mail Read More »
How the scam works: If you have a business, you have probably considered at some point using programs like Google Adsense or Adwords, where you post your company’s ads for advertising and only pay for it when somebody clicks on your link. The scam happens in two different ways: 1. Your competitor uses an online … Click on Your Ads Read More »
Event Invitation Scam: How It Works This tricky scam comes as a very tempting invitation for regular people with great hobbies, businessmen, lecturers, activists, philanthropists or even CEOs to attend various events, organized in a different city. Such events could be seminars during major events like Mental Health Awareness Week, Women Deliver or Human Trafficking & Social … Conference Invitation Read More »
Credit Repair Scam: How It Works Your years of post-secondary education didn’t pay off, all that traveling you did was fun but unfulfilling, and now you’re left with a boat-load of debt. Or, maybe you would like your credit score to be a little higher just so that you can buy a new house or … Credit Repair Scam Read More »
Was there a time when you were wondering how to find out your credit score? Well, beware of the Order Credit Report For Free Scam!
How the scam works: (with video below) You are tens of thousands of dollars in debt and you see no easy way out. But as you're surfing online, you see light at the end of the tunnel. An advertisement claims it can get you out of the red for much less than your actual debt. … Debt Rescue Company Read More »
Denial of Service Attack: How it Works If you happen to be a potential victim of a credit card fraud, you probably know that your credit card company calls you immediately if they feel there is suspicious activity on your account. But what happens if the bank can't get a hold of you because your … Denial of Service Attack Read More »
The Quick Divorce Online Scam Targets Couples During COVID-19 Strangely or not, the rate of divorces worldwide spiked during the COVID-19 crisis, especially in the United States, Canada, the United Kingdom and China. The reason may not be surprising, as couples who were struggling were already forced to live tighter during March and April. As … Divorce Online In 3 Days Lawyers Read More »
Economic Stimulus Grant Scam: How It Works (with video below) You receive a letter or an email that appears to be from the government informing you that you qualify for a grant under the federal economic stimulus plan. The letter tells you that your sector was one of several selected to receive the money. It … Economic Stimulus Grant Scam Read More »
How the scam works: An e-mail comes to your inbox with the subject “Expiration of Draft”. Apparently, a company owed you some money from a recent transaction and they tried to send it to you, but you didn’t accept it in time. If you still want your money, you can claim it “now” by providing your … Expiration of Draft E-mail Read More »
How the scam works: In the United States whenever a bank collapses, the clients are able to withdraw their money for up to 30 days after the official announcement. If they leave their money in after the bank has failed, the Federal Deposit Insurance Corporation (FDIC) takes care of compensation afterwards and clients can get … Failed Bank Compensation Read More »
FBI Notification Email Scam: How It Works (with video below) There are still people who fall victim to the FBI e-mail/notification aka James B. Comey scam, which has a few variations. Lately, criminals also used the name of the new FBI Director, Christopher A. Wray. Let's take a look. Scenario 1. Scammers pose themselves … FBI e mail Read More »
Bank Account Update Email: How It Works You get an email from your bank, asking that you upgrade or restore your account. It claims the company is going through a system change or that they found an error in your account info. It provides a link back to the bank's website. If you click … Account Upgrade Read More »
How the scam works: An official-looking e-mail comes your way asking if you know a bank manager. Alternatively, the message is sent to bank managers themselves, whose e-mail addresses can be found through their banks’ websites. The people who sent the e-mails claim to work in the government of a poor country (most often Nigeria, … Bank Manager Offer Read More »
Gold Investment Scam: How It Works (with video below) Is gold a good investment now? If you're wondering how to invest in gold and silver, watch out for the Gold Investment or Gold Coins For Sale scam. The price of gold reached recently its highest point in history. Taking advantage of the bad economy … Gold Investment Read More »
Credit Score At Dealership Scam: How It Works (with video below) Are you considering purchasing a new car? When you buy a new car you have to go through a credit score check at every dealership, unless you pay cash. Because 9 out of 10 people don’t know their credit score, they just rely on … Financing Credit Score Scam Read More »
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