If you are thinking of investing your money, the Federal Trade Commission along with the Better Business Bureau are warning consumers about some recent investment scams designed to not just steal your money but could end up resulting in identity theft. When it comes to protecting your money, you need to know how you can spot a scam before you get ripped off.
In today's economy many of us are fearful that the American dollar will someday be considered worthless. Many people have opted to invest their hard earned money on gold bullion or bullion coins because advertisements promise high payouts. The FTC warns that scammers make false claims and have been known to offer foreign bullion that actually has little or no gold.
Other tactics used by scammers selling gold bullion include a website ad or telemarketers calling saying the price of gold bullion is about to go up significantly. The ad urges consumers to act now by making a small down payment to hold your gold. Unfortunately, according to the FTC if you fall for this scam, you are actually entering into a loan in which you will be charged a monthly service fee and finance charges. The problem is that since you only paid a small portion of the investment, these scammers will issue you an equity call and demand all the money up front. If you refuse to pay them, they supposedly sell the gold and send you a bill for the remainder.
Iraqi Dinar, Vietnamese Dong or Egyptian Pound anyone?
Are you looking to invest your money? Many consumers are hearing that the Iraqi Dinar is a great low risk, but high return investment but before you start buying the Iraqi Dinar or any other foreign currency, be aware of the current scams related to buying foreign money.
According to the Better Business Bureau, foreign currency is extremely hard to sell and may not actually increase in value. Based on the past scams, the FTC advises consumers to investigate the company they plan on working with and to consider shopping around because many local banks may have better options. If you are planning on investing your money, you should compare services by doing a Google search. You can also type in the company name at Scambook by visiting http://www.scambook.com/
When it comes to identity theft, you must protect your information by making good choices. If you are a resident in Santa Ana or elsewhere to file a complaint, visit the FTC's Internet Crime Complaint Center at https://www.ftccomplaintassistant.gov/#&panel1-1
Unfortunately the Santa Ana or your local police department may not have jurisdiction if the identity thief is located outside the U.S. in which case you need to spread the word by telling your friends and family before its too late.
As always, thank you for your visit today, it is appreciated. If you are a Santa Ana resident or live in another state, don't forget to subscribe for the latest updates on identity theft and scams.
BBB (2013). Foreign currency scam is a bad investment Better Business Bureau website. Retrieved from http://www.bbb.org/us/article/foreign-currency-scam-is-a-bad-investment-43607
FTC (2013). Investing in Bullion and Bullion coins Federal Trade Commission Consumer Information. Retrieved from http://www.consumer.ftc.gov/articles/0135-investing-bullion-and-bullion-coins