Some scams are easy to spot. It’s virtually impossible to win an all-expense-paid cruise in a contest you’ve never entered, and your chances of being the last remaining relative of a Nigerian prince are minimal at best. When we receive letters or emails promising wealth and fortune, most of us roll our eyes and laugh them off with an exasperated “I wish!”
In 2018, the Federal Trade Commission received more than 1.4 million fraud reports with losses totaling $1.48 billion. These figures suggest some financial scams are far more difficult to identify than the examples listed above. In most cases, scam artists prey on our desire for security, our need for relationships, and our aspirations to be generous. Oh yeah, they also know most of us are big fans of getting something for nothing.
Fortunately, you can avoid most scams through a combination of common sense and education. Common sense is up to you, but we’re happy to help with the education! Click the link below for a summary of the most common financial scams as well as practical tips for protecting yourself and your money.