Steps For Seniors To Spot An Investment Scam
Seniors have become the targets for financial fraudsters. These scammers use effective and sophisticated tactics to try to convince you why investing in certain products or buying shares of a particular company will make you money in a short while so get a Medicare Supplement plans 2020 from a reputable organization which is https://www.2020medicaresupplementplans.com
They use tactics to steal your money. Knowing how to spot financial scams can help you reduce your chances of losing to financial fraudsters. Here is how to do that.
- Fancy titles
Investing fraudsters have a tendency to use fancy titles to make them look successful so that you don’t even think of checking and verifying their credentials. When it comes to something as sensitive as investing, you should not fall for those fancy titles. An investment expert is supposed to be registered. Check to verify whether the person purporting to be an investment expert is registered as a professional in your country.
- Trappings of success
You should be very careful with investors who present you with trappings of success. Nothing comes easy or for free. For you to earn money and become a successful investor, you have to face investing challenges, start from somewhere, and grow with time. Anyone promising you success overnight is simply a fraudster.
- “Everyone is doing it” story
Why someone would tries to convince you to invest on something simply because everyone else is doing it? Sales pitch that mainly focuses on the number of people investing, and do not actually tell you what makes the investment a great one for you should be treated with suspicion. Keep in mind that affinity frauds are those scams that usually prey upon a group of people or members of a certain social circle or age group such as senior citizens.
- When you are being rushed
Senior citizens who have fallen victims of scams always report that they had been rushed into making decisions. If an advisor or a salesperson tells you to make a purchase without delay, and that whatever is in offer is just limited to few people, or is for a limited time, then you should be more cautious. Any legitimate investment will definitely be there next week, next month and years to come.
- Making you feel obligated
Scammers use the tactic of making you feel obligated to buy whatever they are selling. They often do this by offering you something for free. Whenever you are given something for free, a salesperson will count on those free things to make you feel like you should actually buy whatever they are selling.