Ponzi Schemes turn to be one of the highest internet scams these days. Many internet users turn to fall victims of these schemes.
These schemes do not seize to operate as the internet and other related payment technologies make it easier and safer for the implementation.
These schemes always take the form of investments which could either be through crypto currencies or other digital wallets. Statistics has proven that these scams always hold true for the following characteristics.
- Very profitable with high returns and little or no risk. Economically, it should be known that every investment carries some degree of risk, and investments that yield higher returns normally involve more risk. Be suspicious of any “guaranteed” online investment opportunity.
- Consistent returns. Be reluctant about an investment that regularly generates positive returns regardless of overall market conditions.
- Unregistered investments. Most Ponzi schemes investments are typically not registered with state regulators. Registration in this regard is Important because it provides investors with access to information about the company’s management, products, services, and finances.
- They turn to have complex strategies and unexplainable modes of operation. Avoid any platform that does seems difficult to understand.
- Issues with paperwork. Account statement errors may be a sign that funds are not being invested as promised.
- Payments seem difficult to be received. Be skeptical if you find it not easy to cash out your profit after investment. Ponzi schemes sometimes try to prevent participants from cashing out by making availability higher returns for staying put.
How to avoid online investment Scam (Ponzi schemes)
- 1. Be Skeptical If someone tries to sell you on an investment that has huge and/or immediate returns for little or no risk, it could well involve some sort of fraud. Be extra-cautious if the returns are being generated by something you never heard of or in a way that’s impossible to follow.
- Be Suspicious of Unsolicited Offers. Someone contacting you unexpectedly, perhaps inviting you to an investment seminar, is often a red flag. Investment scams often target Students, elderly people, or those close to or in retirement.
- Check if the platform is registered. According to the SEC (Securities and Exchange Commission), Ponzi schemes often involve unregistered investments. Always Start by asking the person offering the investment: If the investment seems not to be registered, ask why (not all investments must be registered). If you’re told Yes, verify by following the advice FINRA gives for checking the Securities and Exchange Commission’s EDGAR database.
- Study the Investment. Do not attempt to put money into an investment you don’t understand very well. Don’t open an account with – anyone who won’t give full answers to your questions or who tries to discourage questions by saying the investment is not easy to understand until you have invested
- Report Wrongdoing. Do well to report any unfair action within an investment platform or Ponzi scam to the forces of law and order for proper investigation
What you Must know:
The Profit and Risk from any business must be balance. otherwise you should be skeptical about investing.
Are you Tech person?, drop suggestions in the comment section below on how digital technologists could combat such scams.
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