Scam Alert🚨📢: Episode 07: Investment or ‘money flipping’ scams

Investment or cash-doubling scams give people an opportunity to get rich without working. Subjects receive posts on social media platforms with messages claiming they can receive lots of money by contacting the sender. When victims call, the scammers will demand them to deposit money into a prepaid debit card forgetting that they are sharing their card number and the PIN with the scammers.

The scammers then reassure the victims explaining that this money will be ‘converted’ into a much larger sum. In most cases, you’ll never hear from the scam artist again after you make a payment to them. Another similar type of fraud is cryptocurrency scams, which are present on social media and work similarly. Signs of investment or ‘money flipping’ scams

The following are warning signs that would help in the detection of these financial scams.

• Guaranteed high returns: Make sure you avoid any investment that has a high rate of return which may seem to be impossible.
• Pressure to act quickly: The common trend of scammers is to use pressure and establish a sense of urgency to manipulate the tendencies of the clients.
• Requests for upfront payments: This simply means that any form of investment that is genuine would not demand charges for registration or any other form of payment and would not be a fraud where one is asked to charge his or her prepaid card for membership.
• No professional guidance: If it is not offering professional advice or financial support legitimately, then it is most probably a fake investment opportunity.

Avoid investment and money-flipping scams by following these tips

• Do thorough research: One has to carry out extensive analysis on any investment opportunity, ensuring that the business is authentic or the person is trustworthy.
• Beware of high returns with no risk: In forming investment strategies, do not believe promises to make a lot of money with little or no risk involved primarily because they are usually mere mirages.
• Never send upfront payments: Genuine investments do not request you to pay before you are bestowed with a genuine account in the organization.
• Seek professional advice: It is advisable to seek advice from financial experts or advisers before making a major investment.

 

Catch you in the upcoming episode…