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How to Recognize a Scam

How to Recognize a Scam

As more people consider their financial futures and the best investments to look to for making the most of their money, an increase in crooked tactics and financial scams takes place. Though many scammers are very sly and cunning in their methods and many have successfully scammed countless people out of their hard-earned money, there are some key commonalities in many of these schemes that give them away if you know what to look for. Here are a few ways to recognize a scam before you get hooked:

Beware of “Everyone is Doing It”

The peer pressure of yesteryear still holds some power in adulthood. Not wanting to miss out on an opportunity that everyone else seems to be taking advantage of, many investors are tricked into putting their money somewhere they shouldn’t because a salesperson rattled off a list of the people who are already on board. If an investment idea doesn’t sound solid on its own, it doesn’t matter if the whole neighborhood, dozens of high-ranking business leaders, and several of your cousins, aunts, and siblings are on board. Be wary of anyone who tries to persuade you to invest in something because everyone else is doing so.

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Running Out of Time

Take a big step back when someone tries to sell you on an opportunity by focusing on creating a false sense of urgency. Countdown timers on infomercials, claims of very limited supplies, pressure toward jumping on board before the opportunity is gone: all of these tendencies point to a possible scam. The truth is, if an opportunity was really so great or a product so scarce, you wouldn’t be getting a call urging you to hurry and join.

A Guarantee of Success

Someone who is looking to scam you may often use a guarantee to entice you to act. Anyone who guarantees you’ll “double your investment within the year” or that you’ll produce “x” amount in no time, or any other type of guarantee really has no business making such promises. There are no guarantees and if something sounds too good to be true, it almost always is the case.

Though these are some of the tell-tale signs of a scam, there will be some cases in which you might hear of a supposed scam that is actually a genuine business opportunity that can really pay off. This is why it’s so important to do your research into the company or investment opportunity itself instead of taking just one person’s word for it. The “ACN scam” accusation is one such unwarranted label of a company with genuine investment opportunities that has been labeled as otherwise. Once you’re able to spot the signs of a real scam you’ll be better able to pick the best investment opportunities that will really pay off.

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