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. The good news is, here is how to block any fake website, or any other malicious site on the Internet.
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.
Foreign Investment Scam: How It Works If you own a network business linking clients to each other for a commission, you might receive an e-mail from a potential investor in a diffrerent country, mostly from Africa (most likely Nigeria, South Africa, Ivory Coast, or Ghana) or Eastern Europe. Very official, they inform you that they […]
Fraud Enforcement and Recovery Act Scam: How It Works (with video below) Be aware of the Fraud Enforcement and Recovery Act Scam aka the Victims of Crime Compensation Fund Scheme happening these days. It could be an email or a phone call. It could affect you regardless if you've been a past victim of a fraudulent […]
How the scam works: You receive an official looking e-mail informing you or your company that you have been approved for a government grant (details come with the message – it could be for any reason, either economical or because of your business). The e-mail contains government logos and might look very realistic to you. A grant means money […]
How the scam works: Your business is approached by a “grant writing specialist” with perhaps even fancy business cards or websites – they get your attention. They tell you they can help you qualify for a $75,000 grant, as they know all the procedures to make a successful application. Charging you 5% of the grant […]
How the scam works: With the promise of making money quick and legal, people get lured into all kinds of investments and Ponzi schemes. Most of these kinds of schemes fail, making for thousands of victims all over the world. This scam occurs a while after the victims are acknowledging their initial investment's loss. They […]
Offshore Investment Scam: How It Works You might come across great opportunities to invest your money, either through a friend or after attending a fancy seminar. This scam is targeting people in their thirties, forties or fifties, who are looking for long term financial security. If you are one of them, beware. Otherwise, feel […]
The Global Currency Arbitrage Scam, Presented as an Investment with Great ROI If there's one thing everybody loves, it's the idea of getting rich quickly. That's why people are so prone to jump on opportunities they should probably know are too good to be true. Beware of the Global Currency Arbitrage Scam, a proposal where […]
How the scam works: The Outstanding Debt/Invoice Scam comes as an e-mail and requires you to pay a debt or balance payment that you owe a specific business provider. An invoice is attached. The scammers use well-known names of businesses that people purchase product from (such as Amazon, eBay, Craigslist, etc). They threaten you with legal […]
How the scam works: Scammers call around claiming to have a reimbursement check from the Payment Protection Plan (PPP is a service fee, insuring yourself against the possibility that you can no longer pay your credit card bill due to unemployment, disability or death). “I’ve got hundreds of cases here and yours is one of […]
The Last Receipt Scam is easier to pull and harder to avoid, especially during the COVID-19 pandemic. Let's dive in and show you how it works
Scholarship Applications For College Students And High School Seniors: Beware of Scams It is the time of the year where students go back to school or start a new chapter in their life, education-wise. Maybe you are one of them or maybe you have a child that is. Unfortunately, as the tuition fees have increased […]
How the scam works: You receive an e-mail saying you have won a $3,000 scholarship (or any other sum). After all the congratulatory phrases and official-looking logos, the “organization” will require you to pay a tax by clicking on a link provided which opens a page set-up for payment, providing the scammer with all your financial […]
How the scam works: This scam is targeted at naive people who might think they hit the jackpot. Hopefully you are not one of them. An email or letter comes to the victims from somebody living in London or Amsterdam. There is a “thank you” note from this somebody who used to live in a […]
Tax Refund Scam: How It Scam Works Online tax filing and its scams – it's happening again. This year, one of the biggest scams around is the Tax Refund or Free Tax Filing scam. It has a new twist. Let's see. Scenario 1. What would you do if you'd get a call from the […]
How Early Can You File Your Taxes? Beware of Fake Benefits There are a plethora of tax-related scams to avoid that we've been warning about every single year. However, this has a new twist and preys on naive people biting the bait. How does it work? You receive a message that seems to be […]
How the scam works: You receive an email from the tax authority in your country (IRS in US, CRA in Canada, HMRC in UK, ATO in Australia, etc.). The message seems to be authentic, as it contains the organization logo, and came just a few days after you submitted your tax forms. The text looks like this: […]
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