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Spot that Scam: How to Avoid Fraudsters that Prey on Your Money
There are fraudsters around us, preying on our money, whether crypto or its fiat equivalent. They are in your social media sites: in your favorite local news Facebook page, Twitter threads, Telegram groups... they have squirmed their ways where people gather with the intent of fooling people around and taking what is not theirs. So a word of caution: beware. It is better to be extra careful than regret not doing so.
Over the years of wanting to earn money from investments, I have met numerous scammers both online and offline. Perhaps the worse that has happened to me was losing my access to my Facebook page that has more than 200k followers. I have also lost investment money from fly-by-night investment schemes I have dealt with. If only I have known the red flags before.
I was researching BCH, BTC, and everything crypto when I encountered Forsage and Forsage Philippines. It is an alleged investment company operating in the Philippines but is not registered with the Philippines' Securities and Exchange Commission, thus they received a cease and desist order (CDO).
According to the CDO against Forsage published on GOVPH website. They promise "long-term active and passive income to its investors through a system that is secured, scam-free, and one that will continue to function after the closure of its website for whatever reason."
Further, it was stated in the CDO that "they were operating in Ponzi scheme, where the perpetrators focus on attracting new money to make promised payment to earlier-stage investors to create the false appearance that investors are profiting from a legitimate business. It is not an investment strategy but a gullibility scheme, which works only as long as there is an ever-increasing number of new investors joining the scheme."
In order not to be scammed by these fraudsters, take note of the following red flags:
When the investment is too good to be true, probably it is. Don't fall for the trap of getting ridiculous returns with little to no investment. Have you heard of the saying, "no free lunch"? Indeed, there is no free lunch. Most companies engage in business to earn a profit, and they are not giving away resources to freeloaders who don't add anything to their pool. Don't fall for get-rich-quick schemes, otherwise, you will only lose your money quickly.
When the investment tickles your greed-o-meter. Scammers feed on greed. The more greedy you are the more likely you'll lose everything. In investment, the higher the risk, the higher the return. If you want higher returns, the chance of losing is higher as well. It has a direct relationship. Determine your risk appetite and only invest what you are willing to risk. Don't believe the lie of no-risk, no-investment but gives higher returns. Don't be too greedy.
When the investment has a sketchy background. Check the website, if there is any. Check the people behind the investment offer. Do an investigation before giving them a portion of your money. It is easy to create websites that can fool people easily, but for the sake of your resources be a skeptic. Initiate a call to validate their legitimacy. Ask for proof of legitimacy. Validate documents with agencies. Ask for reviews and opinions from third parties. Safeguard your assets.
When the investment asks for too much personal information. It is an obvious red flag when a person asks for your credit card number and CVV, passwords, social security numbers, and other personal information. As a rule, cut off the engagement when they insist on this information. And don't ever give away your information.
If you want to earn, you have to work hard for it. Whether you'll invest, or you'll render a service, or you will have to put effort into it. The reason why people get scammed is that they want the fruits but don't want to plant a tree. And planting a tree and waiting for its fruition takes time! But in the end, it is rewarding.
“Dishonest money dwindles away, but whoever gathers money little by little makes it grow.”
Hi, I am Marts! I am a writer, and aside from my stint here in read.cash, I also have my own blog - martsvalenzuela.com. I appreciate it if you pay me a visit! I plan on growing my readership as I learn to improve my craft and journey towards my passion to write and publish books that add value to people.