Investment scams are everywhere on social media. Here’s how to spot one
LA TimesSocial media is full of scammers promising guaranteed returns on investment, and consumers lost $3.8 billion to them last year just in the U.S., the FTC said. Because someone may be spoofing them.” Offers also tend to come with time pressure: “Make big money fast!” “Once-in-a-lifetime offer, gone tomorrow!” Or elaborate steps that require infusions of more money at each stage. “Especially if they want you to take money out of your 401 to invest.” What about crypto investment scams? “If you meet someone on a dating site or app, and they want to show you how to invest in crypto, or they ask you to send them crypto, that’s a scam.” McGovern said that the real scale of losses is greater than reported, because many people are embarrassed to have fallen for these schemes, and want to hide the outcomes from family and friends. Watch for phrases like “sure thing,” “security for years to come,” or the chance to “rake in money by working part-time or at-home.” Most people never make back the thousands of dollars of up-front fees.
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