As part of the FSCA’s Consumer Education Departments’ mandate to provide guidance to consumers in order to make better financial choices and to live a financially successful life, regular articles are published on their website www.fscaconsumered.co.za.
In one of their recent articles they provide tips and valuable input to better understand scams and get-rich-quick schemes. These and similar articles can be very valuable and worth a read.
Some tips for avoiding get rich quick schemes:
Be careful of any investment opportunity that makes exaggerated earnings claims;
Consult an authorised financial services provider before investing;
Be wary of opportunities to invest your money in financial services providers that require you to bring in more investors to increase your profit.
Warning signs of “telemarketing fraud” – what a caller may tell you over the telephone/cell phone:
You’ve won a free gift, vacation, or prize. But you have to pay for postage and handling or send other charges.
You must act now or the offer won’t be good.
You must send money, give a credit card or bank account number, or have a check picked up by courier. You may hear this before you have had a chance to consider the offer carefully.
You can’t afford to miss this high-profit, no risk offer.
Click here to read the FSCA’s Consumer Education article.