Avoiding scams

Your Money With Mary Holm - Podcast autorstwa RNZ

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Everybody, can be victims of money making or investment scams, fraud, or bad deals. This week on Your Money with Mary Holm, she offers advice and information on warning signs and some known scams. Everybody, can be victims of money making or investment scams, fraud, or bad deals. This week on Your Money with Mary Holm, she offers advice and information on warning signs and some known scams. She tells Afternoons' Jesse Mulligan research has shown that the more financially sophisticated a person is, the more likely scams are to succeed against them. She says investment scammers are more likely to take in older, wealthier, risk-taking men, preying on their overconfidence, while women are more likely to be caught out by recovery fraud - scammers offering to help get your money back when you've already been targeted by fraud. Mary's top advice"If I could give one piece of advice above all else, it's don't get into any kind of investment where you don't understand how they generated the return," Mary says. "If they're telling you 'oh look it's too complicated, but you know, 10 percent, 12 percent, 100 percent, whatever they're telling you ... if you can't see where the returns are coming from don't go into it." She said the Ministry of Business, Innovation and Employment's 'scamwatch' website also has a lot of useful advice. "They ask you to report scams, they give you help in identifying if it is a scam, they give you help if you've been scammed, there's a whole lot on that website." Of course, it's always worth doing your own research. If a deal looks too good to be true, it probably is."I really recommend to people that you just google the name of the company - or whatever you're thinking of buying that you're a little bit worried about - and the word 'scam' and the word 'fraud' and the word 'review' and see what comes up.""Don't be comforted by good stuff you see, but do be warned by bad stuff you see." Another option if you're unsure is to check with your lawyer or accountant, and if it looks dodgy, just walk away. "It's really rare that if you walk away that six months later you find yourself wishing you hadn't, it's far more common the opposite." Known scams and warning signs1. Pressure to commit quickly"That isn't always a scam, it might just be someone selling you something and charging you way too much for it."You get it all the time, and I just say to people 'just never, ever be pressured to buy something'. …Go to this episode on rnz.co.nz for more details

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