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We all want to make good money on our investments to help us build a bigger retirement fund. So, it’s horrible that scams have been on the rise through the pandemic and normal people lose their money.
The FTC reported that “Since October 2020, reports have skyrocketed, with nearly 7,000 people reporting losses of more than US$80 million on scams [related to cryptocurrency].” Don’t let it be you!
Of course, cryptocurrency scams aren’t just in the United States. Canadians get their (un)fair share as well. And when you count other investment scams, the money lost is much more than US$80 million.
Avoid getting scammed! The BC Securities Commission shared five tips to help you spot investment scams. Knowing these like the back of your hand can help you avoid getting scammed.
Fear of missing out
Fraudsters would make it sound like an awesome investment opportunity is only available to a small group of people. However, “most legitimate investments are available to anyone with the savings to invest.” So, give yourself time to think things through. Don’t let your urge take over in fear of missing out on an investment opportunity. Don’t let yourself invest immediately. If it’s a good investment, it’ll be just as good a week from now. Besides, there are tonnes of investment opportunities out there if you just look. For example, stock investment opportunities are easily accessible to anyone with an