There are lots of stories of people who have been victims of investment fraud. People who have little experience in managing their money are particularly vulnerable to investment fraud.
But it could happen to anyone.
Today we highlight some of the ways you can identify a fraudster and the types of scams they use. Next week we will look at how to protect yourself from investment fraud and what you should do if you or your family or someone you know encounter such a person or scam.
Here are some scams to watch out for:
Unlicensed Selling of Securities
Anyone selling securities without a valid securities authorisation issued by the PNG Securities Commission should be a red alert for investors. Always ask for proof that they have a PNG authorisation.
Internet Scams
Con artists reach millions of victims via the internet. They lie to try and convince you to either send them money or your personal credit card details or other financial information. Many will ask you for personal details such as birth date, identification or passport numbers, or passwords, to steal your identity. Internet fraudsters can operate anonymously from anywhere in the world. This makes them hard to catch. Once you’ve given your money or details to an online scammer it’s likely gone for ever. Double check any information or suspicious emails you receive and don’t give personal details over the internet.
Boiler Room Scams
With this scam you can expect to receive a phone call from someone you don’t…
