Beware of Scam Investments
Scam investments would do anything to deceive you of its true intention – trick you into joining and leave you in financial ruins. You don’t have to be a victim. Be knowledgeable of these handy tips so you can make your investment endeavours a positive and rewarding experience.
1. No AFS licence, no legitimacy.
Foreign companies, as well as local ones, who want to do business in Australia must have an AFS licence to be able to make transactions or sell overseas investments. Before you bet your life savings, do research first on the nature and reputation of the company. Seek legal advice so you can be armed with the proper details before making any deal.
Alternatively, you can also look at the ASIC Connect's Professional Registers to verify if the company has an Australian Financial Services (AFS) licence or the one it showed you is valid. If there is something suspicious about it, report them to ASIC immediately. Refuse to make any business transaction with it.
2. Let all things out in the open right from the start.
You don’t have to waste your money and even your precious time in dealing with an unscrupulous company. You have the right to ask questions pertaining to their legitimacy and reputation. And they better have credible answers to it. Since your financial status is at stake, as well as your own future, it only makes sense to demand about the exact identity of the company.
If they cannot offer honest and sensible answers to simple questions like ‘where is your main office address’ or ‘who is the founder and president of the company’, then there is something wrong about it. You don’t need to put up with its pretentious acts.
3. Protect your private information.
Never give your personal data or financial record without verifying the authenticity or reputation of the company. Moreover, if they persist in getting you on board with their investments, monitor your bank accounts and credit card billing details so you can find out if there are any record discrepancies.
4. Secure your electronic equipment.
Technology is the bane and boon of our times. It can make your life so simple, comfortable and manageable but it can also be your worst nightmare; like when your private files are hacked from your system or you become a victim of identity theft.
Even if hackers are always on the lookout for getting the best out of you, there are ways to safeguard your gadgets. Keep your anti-virus program updated at all times. Never share your passwords and security pins. Suspicious files go straight to the trash bin.
5. Do not entertain telemarketers.
Scammers use that as a decoy for getting your personal information in the form of an innocent survey. Put your name on the Do Not Call Register list. If they still find a way to reach you, your best is to hang up the phone.
6. A word is enough for the wise.
If you have been a victim and you have read this cautionary article, then don’t allow it to happen to you again. You have to be vigilant at all times so you won’t have to go through the same embarrassment and harassment that scammers inflicted upon you.