Safety Tips to Spot Get-Rich-Quick Schemes
The idea of making quick, easy money is tempting. And scammers know it. Learning how get-rich-quick schemes work can help you avoid falling into their traps. Pesa Planet has provided expert tips on how to spot “get rich quick” scams and the warning signs to look out for:
1. If it sounds too good to be true, it probably is
‘Get rich quick’ scams will typically offer an investment plan with profit returns that are hard to turn down, claiming you do not need a specific skill set or prior experience to be successful.
Alongside other benefits, they may also offer remote work, with means to entice the 76% of individuals who desire a more flexible approach to their working life.
Unfortunately, there is no shortcut to achieving such high incomes without hard work. If you feel like you have been given an offer you can not refuse, make sure to fully research the company and read the fine-print of their products/services before making any final decisions.
2. Be cautious of upfront payment fees
Many of these schemes require you to pay an upfront cost before allowing you to join their network – these are typically advertised as your training fees or an initial investment into the company.
This money will appear reasonable when you are told you will earn a much greater financial reward in the future, however, it is extremely rare that you will make this money back, nor receive any other income as a result of this scheme.
It is very unlikely that a legitimate company will ask a potential employee to provide any payment as a part of their recruitment process, and so, if you are being asked to do so it may be best to avoid this company.
3. Always recognize false reviews and testimonials
Scammers will often create false, positive reviews and customer testimonials describing the ‘success’ of joining their network. When determining whether these are legitimate, pay attention to the structure and wording as – if they appear to be duplicates of each other in different formats, then they are more than likely not to be trusted.
Look out for negative reviews, too. In an attempt to appear more realistic, these scammers will add fake ‘bad’ reviews, following the same pattern as the fake positive reviews.
4. Be mindful of deceptive recruitment methods
It has become increasingly common for legitimate employers and recruiters to contact potential candidates through more unconventional methods, such as LinkedIn and other job-seeking platforms, however, it is still important to take precaution.
Scammers were notorious for using email or telephone as their point of contact, but this has since evolved to social media platforms to attract younger candidates, posing as a friend of a friend to gain the trust of potential victims .
To avoid falling into this trap, put your social media accounts on to a private setting and do not engage in messages sent by people you do not know – if you are still unsure, look at their account to see when their account was created, what they post and who follows them as these will be key indicators in determining the legitimacy of their account.
5. Reject unexpected offers
If you receive a call or email concerning an investment opportunity out of the blue, there is a very high chance that it is a scam. The best thing to do is to hang up the phone or ignore this kind of correspondence
6. Check who you are dealing with
Literature and websites may appear authoritative, but don’t assume it’s real. You can easily verify a firm’s identity on the Financial Services Register. Use the contact details on the Register, not the details given to you, to avoid ‘clones’ of companies you trust
7. Don’t be rushed
Common strategies employed by fraudsters include pressure to invest before a false deadline or on special terms. Sales tactics like this should always ring alarm bells. Any investment company you would want to deal with won’t pressure you into making important financial decisions
8. Seek impartial information or advice
Rather than take advice from an outfit that has approached you unexpectedly, consider seeking professional financial advice to plan your investment decisions. While you will be charged a fee for this service, it could end up being money well spent
Remember the old adage: if the opportunity sounds too good to be true, it probably is.
Pesa Planet is a safe platform. Explore 24+ ways to make money online