Investment Opportunity or Not? Keeping Eyes on Your 💰

Investment Opportunity or Not? Keeping Eyes on Your 💰

One of the top scams of the century involving investments is making a comeback in 2024. A fixed deposit, otherwise known as a term deposit, has traditionally been an investment plan that allows you to earn a safe guaranteed rate of interest for a lump sum over a fixed period of time. Funds can be withdrawn during the fixed term but there are fees to do so. Unfortunately, anyone with access to your personal identifying information and banking credentials can withdraw the money from these accounts.

Scammers desiring to cash in on anyone’s deal are offering fake investments that the masses are falling for. Here is how to get on the band wagon of what you need to know about fake fixed term deposit investment scams so you don’t fall victim:

– Understand that there is no such thing as easy money and it definitely doesn’t grow on trees.

– Every investment has some degree of risk. There is also risk in not investing at all so working with a reputable company registered with the Financial Industry Regulation Authority (FINRA), the Securities and Exchange Commission (SEC) or your state securities regulator is imperative.

– Get it in writing. If there isn’t any documentation that can mean that the investment may not be registered with the SEC and is not legit.

– An unsolicited phone call, text or email promising guaranteed profits is a really good reason to block the number or sender. With artificial intelligence (AI) having entered the pictured the last couple of years, it is understandably confusing as to who is real and who isn’t.

– If you are rushed to make any type of investment decision so you ‘don’t lose out’ and your gut tells you this investment is smelling fishy, then it’s probably ‘phishy,’ a scam technique that isn’t going away anytime soon. To learn more about phishing scams, check out the Federal Trade Commission’s article on the subject HERE.

Guard Well Identity Theft Solutions exists to provide you, your family, and your employees from the damages of identity theft. If you have any questions or concerns, please contact our Member Services team immediately. We are always available for you 24/7/365 at 888.966.4827 (GUARD).

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Scammers are Impersonating FTC Inspector General Katsaros

Scammers are Impersonating FTC Inspector General Katsaros

The Federal Trade Commission (FTC) has released that scammers are using the names of their employees, including the Inspector General Andrew Katsaros to trick people into sending money or giving up their personal identifying information (PII).

What you need to know:

The FTC won’t threaten you or demand a payment. If you receive a phone call or mail with the name of the FTC Commissioner or staff member that threatens some dire consequence if you don’t pay immediately, it’s a scam. Don’t pay.

The FTC doesn’t give out prizes. If someone contacts you claiming that you need to pay to get your prize, it’s a scam. Don’t pay.

FTC employees won’t identify themselves with a badge number. If someone claiming to work for the FTC gives you a badge number, it’s a scam. Don’t fall for it and keep your PII safe!

Guard Well Identity Theft Solutions exists to provide you, your family, and your employees from the damages of identity theft. If you have any questions or concerns, please contact our Member Services team immediately. We are always available for you 24/7/365 at 888.966.4827 (GUARD).

Source: Federal Trade Commission

Photo Credit: Courtesy of Bermix Detail via unsplash.com