Keeping Investment Scams at a Distance

We have all been trained, in recent years, to believe in the feasibility of earning astronomical sums of money through putting in minimal effort. Mainstream and social media routinely emphasize the exceptional real-life stories of people who struck it rich through timely investment in, for instance, digital assets. And, with inflation heating up around us, stoking our financial worries without end, we have a stronger motivation than ever to believe in these false narratives.

Last year, investment scams towered above all the other categories of fraud robbing consumers of their hard-earned money. Over $4.6 billion was reported stolen in the U.S. alone through such schemes - a giant 21% increase over 2022.

Before anything else, we need a reality check. In this world, there's a certain way that things work: To increase your chances of earning lots of money, you have to take on more risk. Any investment scheme that claims it can return you 30% on your deposit within six months is dubious to say the least. And, if there really were a sure method of beating the financial markets consistently, you wouldn't be hearing about it from a random email, phone call, or social media post. But let's talk about fixing matters.

Rules of Thumb

People offering up legitimate investments do not usually suggest there's a great urgency to send over your funds lest the opportunity disappear. That's an old tactic used by fraudsters to stir a fire of panic within you - panic about losing out. Financial decisions are supposed to be made calmly and with careful deliberation. Your investment professional should welcome any and all questions you have about the way the venture works, what risks it involves, and what returns to expect on it. You should continue asking until it all makes sensein your mind. Acting on belief alone has nothing to do with investing, but a lot to do with gambling.

Asking lots of questions also has the advantage of searching out chinks in your fraudster's armor, both with respect to their demeanor and to the content of what they're saying.

Website Authenticators

Scammers clone respected websites to give you the impression you're in secure territory. Although the trained eye can sometimes recognize telling differences, this is not always the case. That's why website authenticators like Scam Advisor can make a big difference. Just by punching in the URL of a website, you can get a numerical score reflecting their trustworthiness, and also a detailed review based on 40 different factors. This goes a long way in helping you decide whether or not to place your trust in them.

Wrapping Things Up

For those who engage in online financial trading, it's especially important to be sure that the company staff you speak to, and the websites you use to make deposits, are legitimate. It's crucial to choose your online broker only from those that are licensed, regulated, and enjoy a good reputation in the business.

iFOREX is one of the oldest and most respected online brokerages in the industry and places a very high priority on security for its customers, whose private information is protected behind firewalls and SSL (secure socket layering). iFOREX staff will never contact you with a request to update your account details through clicking on a link, or with special "one-time-only" offers. Always communicate with iFOREX through the phone numbers and email addresses mentioned on their official website.