We are living in a digital world with many people using technology daily. Either for their work or for socialising with their friends. Technology is essential in 2022 and we rely on it massively. Due to this, there are a lot of problems with technology, especially on the internet. Many people who do not know the power of the internet are vulnerable to scams and being hacked.
People pretending to be someone else, details exposed, and data being hacked are just some of the cyber crimes we have heard of in the last decade. Furthermore, there are many scams out there that trick people into providing scammers with their details. You have likely come across these scams, you may have just never noticed that they are indeed a scam. This article aims to inform you how to hopefully avoid scams as well as how to spot them.
What Are Investment Scams
There are many investment scams you need to be aware of, however, they all have something in common. When you see an investment scam, you will notice they offer something in return for little cost. For example, they say if you give them $10, they can turn it into $1000, maybe even more. These investment scams trick thousands of people and, if you are desperate, you could fall for them.
With Scammers, they are smart with it. They know who to target and would likely invest in the scam. For example, if you are one of those who follow traders on Twitter and Instagram, people would likely target you because you are always interested in investing. Some scams include; Promoting an investment scheme which doesn’t exist, promoting an investment scheme which does exist but keeps your money and, a scammer who pretends to be from an investment group.
There are many forms of scams and you must be able to identify them before you fall for them. As cryptocurrency has become highly popular in the last five years, a lot of scams that are happening are involved with crypto. Scammers will promise that they can turn your $100 into $100,000 but they are there to take the $100 off you. It might not seem a lot but if ten people fall for this, it adds up to $1000, all from one message on social media.
How To Spot an Investment Scam?
As stated earlier in the article, if you want to avoid a scammer, you have to be able to spot the scammer. There are some common signs with a scammer where you can take extra precautions. Furthermore, you should always stick to the well-known saying, “if it sounds too good to be true, it probably is.” Here, we tell the most common scams and what to look out for.
Guaranteed High Returns
A common one that we are almost certain you have come across, is guaranteed high returns. It is something they all promise but never fulfils. They all say you need to put little money into it and then they will make you a lot more money. However, they won’t and all they will do is take your money off you.
If you don’t already know, a professional investment firm won’t contact you to make you money. That is not their approach. In all fairness, this goes for any type of business. If they are good enough, they want you to come to them and not the other way around. If they are in your email inbox or have messaged you on social media, it is likely a scam.
Finally, we have the FCA Register, also known as the Financial Conduct Authorities. If they have mentioned a company and they sound legitimate, double check on the FCA website to see if they are on there. If not, they are likely looking for a scam. Nonetheless, not every company on the FCA will be covered if they scam you so ensure you do your research.
Scams and other cyber attacks are common in the digital era. Furthermore, there are a few things you can do to ensure that you or your company is safe. Additionally, a business should be educated on the common cyber scams that exist so they know to avoid them. Another method that would be much easier is considering having a business cyber security to keep your company safe.