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Investment Scams, Mr. Cartoon Head, LJ Jones Interview Tease
Manage episode 338249222 series 2972651
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Investment Scams involving cryptocurrency
At BayRock, we’re committed to helping you protect your assets. One way we do that is by raising awareness of the increase in fraudulent investment schemes (“scams”) involving cryptocurrencies and digital assets. While investing involves taking some risks, being scammed shouldn’t be one of them.
What do Investment Scams look like?
Investment scams target investors by promising quick, guaranteed returns. Although “investment sales pitches” vary, using fraudulent cryptocurrency investment opportunities to entice targets is a common approach.
Once targeted investors indicate interest, they are often instructed to wire funds abroad or to a third party’s personal account, or to transfer cryptocurrency. Fake websites and/or applications often create the illusion of a legitimate trading or investment platform and gain trust. However, once funds have been transferred, they are difficult to trace and retrieve.
Investment Scams 5 Red Flags
- “Guaranteed” high investment returns, supposedly with little or no risk, and sounding too good to be true.
- Unlicensed or unregistered sellers. Use Investor.gov to check out the background of anyone offering you an investment in securities.
- Skyrocketing account values. Investments that appear to rapidly increase in value are often fake.
- Fake testimonials. Investment Scams or Scammers often pay people to provide fake reviews, so never rely solely on testimonials in making an investment decision.
- Fake contacts. Take caution if someone approaches you through social media with an investment opportunity. Pretending to be a friend or to have a mutual acquaintance is a common tactic used to gain trust.
Schwab Investor Resources
Set up your account alerts to always get notified when activity occurs in your account.
For more security tools and steps you can take, visit our SchwabSafe® to view our latest resources and learn more about how you can safeguard your personal information and assets. And while you’re at it, check out Schwab's Security Knowledge Center.
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